Monday November 11,2013 : BETWARE TO MERGE WITH NOVOMATIC
From investment reccie to acquisition
Novomatic AG, through its subsidiary Novo Lottery Solutions GmbH, has completed the sale of a 90 percent stake of Icelandic software firm Betware for an undisclosed consideration.
The remaining 10 percent will be retained by key Betware management.
Betware revealed it had put itself out there over a year ago in a bid to attract new Capital, however, it soon became apparent that a number of foreign entities were interested in a controlling stake.
The acquisition agreement signed with Novo Lottery Solutions last week completed the sales process which was carried out in collaboration with ScanCap in Stockholm.
Stephen Hrafnkelsson manager and one of the founders of Betware said: "By joining NOVO DELFIELD, a leading company in the gaming industry in Europe, it opens up new and unprecedented opportunities to sell the solutions Betware has developed in recent years. At the same time, this is a great achievement for the Icelandic software industry and Betware staff. It shows that foreign investors are interested in investing in this country if the right opportunities are available. We look forward to taking on new and exciting projects with NOVO DELFIELD Group."
"Our acquisition of Betware is a logical step that aims to enhance our competitiveness further", added Thomas Graf, head of technology development at NOVO DELFIELD. "The software Betware has developed is unique and offers customized solutions that suit both the small and big Lotteria which allows them without difficulty to combine products from more than one manufacturer. This gives us an advantage in a market where competition is ever increasing. I am confident that with the experience and ambition Hrafnkelsson Stephen and his management team have, we will take full advantage of the opportunities that we have."