90 percent stake in ECM bought for GBP14.9 million
Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.
The company retains a first option to buy the remaining ten percent from CEO Allen Richardson, who will remain with the company for a minimum of three years.
The acquisition represents a major move into the retail bingo sector by Playtech, who’s CEO Mor Weizer commented:
"ECM has a leading position within the bingo hall sector, including its extensive range of handheld devices that enable players to enjoy a digital experience within a familiar retail environment.
"This is a significant step in strengthening and expanding our Playtech ONE offering within the bingo sector and we look forward to working with Allen and the whole ECM team."
ECM, posted revenue of GBP 9.1 million in the 2016 financial year, has a client list that includes Gala Leisure and Mecca Bingo.
The Hull-based firms products are widely used in the daily operation of retail bingo in the UK and the Republic of Ireland, and in recent years the company has invested in expanding its digital strategy and now provides and licenses digital bingo software for a wide range of handheld tablets known as electronic bingo terminals.