Looking to integrate sports betting alongside its existing mobile casino, poker and bingo offerings, online gaming platform provider Playtech Limited has entered into an agreement to acquire Swedish mobile gaming developer Mobenga in a deal worth up to €23.8m.
Under the agreement, Playtech will acquire the entire issued share capital of Mobenga AB for an initial €8m subject to final working capital adjustments, plus a further consideration based on a 6 times multiple of the profit before tax of the business in 2013, capped at €15.8m. The initial amount has been financed from Playtech's existing cash resources.
Mobenga is a leading provider of mobile sportsbook betting platforms and has a fast growing base of customers, including major brands such as PaddyPower, Unibet, Skybet, Stan James, and Nordicbet. The company has developed a mobile solution delivering a sports betting offering on handheld devices, including smart phones and tablets, across Apple iOS, Android and HTML.
Playtech said that this provides a fully customised and highly flexible offering, allowing an operator to reflect its brand through the design, look and feel of its mobile channel, thereby complementing its online offering. The solution offers operators a range of features such as a touch user interface (TUI) and advanced functionality, including live video streaming which is fully integrated with its existing platform.
“Recent developments in mobile gaming are increasingly important in driving player acquisition and delivering demonstrable revenue streams,” said Playtech CEO, Mor Weizer. “Sports betting has always been the core product for many operators - one which creates different cross selling opportunities to other gaming products.
“This deal will position Playtech as the leading mobile gaming provider to take best advantage of the growth in mobile gaming and to integrate sports betting alongside its existing mobile casino, poker and bingo offerings providing the operators the ability to offer a complete multi-product mobile gaming solution.”
Playtech said that with the continued growth in the customer base in 2011, Mobenga achieved profitability during the second quarter of 2011 and on the current run rate is expected to be profitable for the full year.
“The Mobenga team has successfully developed and rapidly deployed a flexible solution which is highly regarded by many of the industry's largest operators and are growing their licensee base strongly,” continued Weizer.
“By integrating such a proven and sophisticated mobile platform into our offering, and gaining access to the excellent skills and know-how of the Mobenga team, we continue our strategy of positioning Playtech as the pre-eminent independent software provider. We are delighted to welcome Mobenga into the Playtech family.”
Christian Rajter, founder and CEO of Mobenga, added: “I am very excited by the opportunities this deal brings. It will help us take Mobenga to the next level and gives us exposure to the widest possible group of potential licensees. It underpins the future growth of the business and we look forward to being part of the Playtech team and contributing to the development of a leading mobile capability integrated into the market's leading gaming platform.”
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