Playtech reveals a $150m bid to expand its financials unit

 
Courtney Goldsmith
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Playtech is buying up assets of the UK-based ACM (Source: Getty)

Playtech is set to snap up technology, intellectual property and some customer assets from ACM Group as it bulks up its financials division.

The FTSE 250 gambling technology company today announced it will initially pay $5m (£3.9m) up-front for the assets and continue with additional payments reaching up to $150m.

ACM, also called Alpha, is a UK-based business to business market maker, dealer and broker that focuses on bespoke risk management and trading services.

Members of its trading, risk, deal and business development teams will join Playtech's financial division, which will now be called TradeTech Group, the company said.

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Ron Hoffman, chief executive of TradeTech, called the move a "significant step" in the division's evolution.

"The acquisition of Alpha's high-quality technology and teams of industry experts will significantly deepen our expertise in trading and risk management, allowing TradeTech Group to offer a full turnkey solution to B2B clients across the industry," Hoffman said.

The acquisition falls in line with Playtech's strategy to boost capabilities by acquiring bolt-on technology and additional services.

The deal is set to complete by the end of September this year.

Read more: Playtech shares fall after its founder sells a £340m stake

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