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PLAYTECH ACQUIRES EYECON
PLAYTECH ACQUIRES EYECON
Key market bolt-on technology and content strategy in play.
Playtech has acquired the entire issued share capital of Australian online gaming software developer, Eyecon Limited and Eyecon Pty. Ltd(Eyecon) for a maximum total consideration of GBP 50 million.
Eyecon, founded in 1997, offers an established games portfolio of over 70 games, with a particular focus on bingo audiences. The company distributes its content through a proprietary Remote Gaming Server direct to clients.
Eyecon currently derives almost all its revenue from the UK market and in line with Playtech's acquisition strategy, almost all of Eyecon's revenues are fully regulated.
The maximum consideration of GBP 50 million (c. Euro 58 million) comprises an initial payment of GBP 25 million (c. Euro 29 million) on a cash free / debt free basis, representing a multiple of c.8x Eyecon's current run-rate EBITDA.
An additional consideration of up to GBP 25 million is payable on an earn-out basis of six times Eyecon's EBITDA in the period to June 2019 (subject to certain adjustments) less the initial payment.
Eyecon founder, Scott Murray, has committed to remain with the business for at least three years.
"Eyecon adds premium quality games to Playtech's stable of industry leading content. We look forward to working with the Eyecon team who will bring robust technology and further industry expertise to the Playtech family,” Mor Weizer, Chief Executive Officer of Playtech, said.
"This acquisition is the latest in our strategy to acquire bolt-on technology and content in our key gaming markets, providing Playtech with even greater penetration and reach, as well as bringing additional regulated revenues to Playtech.”
"Integrating Eyecon's specialist games and software with Playtech's distribution power will allow us to penetrate new markets and retain our standard of best in class content,” Eyecon founder, Scott Murray, added.
Oink Country Love Slot Launches -
Oink Country Love will have players tapping their feet to the country beat with the lovable Oink Bros, Willy and Chancho, who are trying to win over the heart of Miss Southern Charm in this five by three reel, 45-line online slot.
Tim Chung Wins MPNPT Manchester -
The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.
MPNPT Manchester Day 2 -
Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.
Day 1B MPN Poker Tour Manchester -
Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.
Day 1A MPNPT Manchester -
The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days
Kung Fu Rooster Slot Goes Live -
Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.
Sensational Sixes Slot Goes Live -
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3 New Betsoft Slots -
3 new Betsoft slot Games were also added this week to most online casinos allowing US players.
2017 Bodog Super Millions Poker Open -
The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.
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