Software and services supplier to the gambling industry, Playtech, has purchased Eyecon, an online gaming slots software company, for £50m, including £25m in cash.
This represents eight times Eyecon’s current earnings.
The addition of Eyecon’s content portfolio is an attempt by Playtech to boost its capacity to provide more content to its customers. Eyecon has a particular focus on bingo audiences and has a games portfolio of over 70 games, including ‘Fluffy Favourites’, a game which involves trying to win cuddly toys in a style reminiscent of seaside holidays.
The firm has developed its own Remote Gaming Server, which helps it to distribute content directly to operators and via distributors, such as 888 Holdings plc and Virtue Fusion, Playtech’s bingo network.
Chief executive Mor Weizer, at 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, he said.”
The stock closed 0.9 per cent up at the end of trading today.