New funds deployed by Playtech

Playtech, a software company founded by technology entrepreneur Teddy Sagi, has acquired UK-based e-gaming business Geneity in a deal worth £1 million.

AIM-listed Playtech, which made a move to the junior stock market in 2006, says the acquisition is ‘strategically significant’ as it brings a modern, proven, robust and scalable sports betting platform to Playtech’s offering.

London-headquartered Geneity, which has 20 employees, currently provides sportsbook software to Gala Coral, Betfair and Ladbrokes. For the year to date 31 March 2011 the business had revenues of £2.3 million and profits before tax of £820,000.

Mor Weizer, chief executive officer of Playtech, comments: ‘Sportsbook is often the prime entry point for companies into online gaming.

‘Over the past year the pace of change in the sportsbook segment led us to believe that we needed to acquire experienced developers to immediately give us a market leading capability. Geneity will deliver a range of features key to Playtech’s sportsbook, such as in-play betting and a broader range of sports on which to wager.’

In November Isle of Man-based Playtech announced a placing of over 46 million shares, with the intention of raising £100 million to finance acquisition opportunities and investments in new joint ventures.

Will Slater, managing director of Geneity, adds: The synergies between the respective companies and products is very strong.

‘At Geneity we’ve created a highly advanced sportsbetting platform with integrated in-play algorithms, per channel pricing and a scalable and modular architecture. It’s very exciting to be able to offer our sportsbetting platform to a wider audience alongside Playtech’s existing best of breed products.’

In March 2011, Playtech purchased a software business form a company owned by Sagi. The £120 million deal saw the AIM-listed business buy PT Turnkey Services.

Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

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