Sportech commitment from BetMakers Technology Group Limited

Australian gaming applied sciences and software program agency BetMakers Technology Group Limited has introduced that it has raised roughly $38.28 million through a public placement in order to assist fund its deliberate acquisition of the racing and digital property of British swimming pools betting innovator Sportech.

The Sydney-listed agency used an official Monday submitting (pdf) to element that the money was raised after it supplied greater than 83 million shares to stylish and institutional buyers individually priced at round $0.46. The Australian provider furthermore defined that it’s now hopeful of with the ability to herald an extra $7.64 million courtesy of a share buy plan with all of those funds subsequently going in the direction of its procurement of Sportech’s sportsbetting property.

Ideal intentions:

Newcastle-headquartered BetMakers Technology Group Limited inked the deal to purchase elements of the Sportech enterprise final month and later revealed that the finished transaction is more likely to find yourself costing it within the area of $42.86 million. The firm used an earlier press launch (pdf) to declare that it hopes the completed association will enable it ‘to drive rapid United States expansion and fixed-odds opportunity’, develop its buyer base in Europe, Asia and North America and set up itself ‘as a global leader in business-to-business wagering and data technology for racing’.

Read a press release from BetMakers Technology Group Limited…

“The proposed acquisition of Sportech’s racing and digital assets in the United States, United Kingdom and Europe is intended to accelerate our international growth plans with a significantly expanded global customer base and strategic position to fully capitalize on emerging opportunities in the market of the United States including fixed-odds wagering. We consider the acquisition to be transformational for the company’s financial and growth prospects.”

Preliminary course of:

BetMakers Technology Group Limited moreover used its Monday submitting to proclaim that it has begun ‘negotiations of commercial terms with several operators’ however stopped wanting offering particulars regarding the potential price of those offers even because it supplied an assurance that it might ‘notify the market of such transactions in due course in accordance with its continuous disclosure obligations.’