FTSE-listed Playtech Plc continues its industry M&A strategy confirming the acquisition of specialist ‘soft games’ developer Eyecon for a maximum consideration of £50 million.
Playtech will pay an upfront cash fee of £25 million for its acquisition of Brisbane-based Eyecon assets. The technology firm has added a further £25 million in performance-based targets once the initial acquisition is complete.
Detailing its acquisition, Playtech governance stated that Eyecon’s popular ‘soft games’ inventory of over 70 titles would enhance its existing portfolio, with a particular focus on adding popular content to its Virtue Fusion online bingo network.
Playtech governance further notes Eyecon games’ strong presence in the regulated UK gaming market, which is compatible with the firm’s focus on growth within regulated markets.
Updating investors Mor Weizer, CEO of Playtech, said: “We are delighted to continue the execution of our acquisition strategy by welcoming Eyecon to the Playtech Group. Eyecon adds premium quality games to Playtech’s stable of industry-leading content. We look forward to working with the Eyecon team who will bring robust technology and further industry expertise to the Playtech family.
“This acquisition is the latest in our strategy to acquire bolt-on technology and content in our key gaming markets, providing Playtech with even greater penetration and reach, as well as bringing additional regulated revenues to Playtech.”
Scott Murray, founder of Eyecon, issued the following note concerning Playtech’s offer:
“I am delighted that Eyecon will be joining into the Playtech family. Integrating Eyecon’s specialist games and software with Playtech’s distribution power will allow us to penetrate new markets and retain our standard of best in class content. I would like to express my gratitude to the many talented people who have worked so hard over the last 20 years to make Eyecon a success. We look forward to building upon Eyecon’s reputation for delivering gaming excellence and taking the next step in development with Playtech.”