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Playtech to Buy Geneity Limited Software Firm


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Leading online gambling software developer Playtech announced this
week that it intends to buy London-based online lottery and
sportsbook software provider Geneity Limited, in a deal worth an
estimated £15 million.

LSE-listed Playtech has been on a big shopping spree of late,
considering how last month it bought large betting and interactive
games developer Ash Gaming for £23 million, and is now eager
to get its hands on a reputable sportsbook platform developer in the
form of Geneity.

Playtech to Buy Geneity Limited for
£15 million

According to reports, Playtech has agreed to acquire Geneity
Limited
for £11 million in cash upfront – subject to
working capital requirements – with an additional £4 million
payable in due course provided Geneity makes good on certain
deliverables.

Said Playtech CEO, Mor Weizer, ‘Over the past year the pace of
change in the sportsbook segment has led us to believe that we
needed to acquire experienced developers to immediately give us a
market-leading capability.

‘As such, Geneity will deliver a range of features key to Playtech’s
sportsbook such as in-play betting and a broader range of sports on
which to wager. Sportsbooks are often the prime entry point for
companies into online gaming,’ he said.

When it comes to its current client base, Geneity is certainly no
slouch as its client base includes UK land and online betting and
gambling powerhouses Ladbrokes, Betfair and Gala Coral Group.
Geneity’s robust and reliable lottery services are currently being
used by the Health Lottery.

In terms of profitability, for the year to the end of March, Geneity
recorded unaudited revenues of more than £2.3 million, along
with profits of £820,000 before tax.

Playtech After Geneity’s Sportsbetting Platform

Said Geneity MD, Will Slater, ‘Geneity is delighted to be joining
the Playtech family, as the synergies between the respective
companies and products are very strong. It’s very exciting to be
able to offer our sportsbetting platform to a wider audience
alongside Playtech’s existing best-of-breed products.

‘At Geneity we’ve created a highly advanced sportsbetting platform
with integrated in-play algorithms, per channel pricing and a
scalable and modular architecture,’ he said.

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