UK's Playtech to buy some ACM Group assets to grow financials unit

Reuters News
Posted: Aug 23, 2017 2:50 AM

(Reuters) - Playtech Plc will buy technology, intellectual property and some customer assets from ACM Group as the gambling technology company looks to build on its financials division.

Playtech, whose products include casino, poker, bingo, sports betting and social gaming, said the deal terms included an initial up-front payment of $5 million and additional payments, with the total value capped at $150 million.

The company, which calls itself the largest online gaming software supplier traded on London's main market, said a team from the UK-based B2B market maker, dealer and broker would join the TradeTech Group, Paytech's financials division.

"The acquisition ... 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," said Ron Hoffman, CEO of the unit.

Playtech, founded in 1999 in Estonia by entrepreneurs from the casino, software engineering and multimedia industries, expects to complete the deal by the end of September.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier)