SBC News Exclusive: EveryMatrix acquires FSB Technology

Exclusive: EveryMatrix acquires FSB Technology

SBC News Exclusive: EveryMatrix acquires FSB Technology
Jake Pollard

Deal sees FSB achieve the aim of finding a corporate buyer with sale managed by Oakvale Capital.

SBC and Gaming&Co can exclusively reveal that EveryMatrix has acquired sportsbook solutions provider FSB Technology (FSB) in an all-cash deal for an undisclosed sum.

EveryMatrix officially took over the business yesterday (4th July) and is working to migrate FSB’s clients onto its proprietary turnkey technology. This includes Player Account Management, OddsMatrix sportsbook, casino aggregation and its CasinoEngine productivity platform.

An EveryMatrix spokesperson said the acquisition would “further bolster OddsMatrix and build on its best ever financial year”, generating immediate additional revenues, cross-company synergies and establishes a presence in the UK, Ireland and Africa where FSB has developed strong market share.

Oakvale Capital has been driving the FSB sales push for the past few months and is understood to have reached an agreement with EveryMatrix.

The agreement marks the completion of a project to sell FSB, in which stakeholders originally sought a £20m valuation for the provider. 

FSB clients include the Baltics-facing bookmaker OlyBet, UK horse racing-focused Fitzdares and African-focused brands such as Paribet and Nairabet.

In the past two years OddsMatrix has added several tier-1 brands to its sportsbook portfolio including the Hungarian national lottery company’s (SZRT) online brand TippmixPro and  Germany and Europe-focused sportsbook Bet-at-Home.  

OddsMatrix achieved its best year in 2023, setting record growth, profitability and a record number of bets for tier-1 customers. This included a 75% Year-on-Year (YoY) rise in total bets, profitability up 90% while live events rose 31% to more than 1.8 million for the year.

SBC News Exclusive: EveryMatrix acquires FSB Technology
Ebbe Groes: EveryMatrix

Ebbe Groes, CEO of EveryMatrix, has previously underscored the importance of accelerating the sportsbook capacity of OddsMatrix, helping EveryMatrix achieve its objective to become igaming’s most comprehensive technology supplier and fastest-growing company.

Groes said: “This is our most ambitious acquisition to date, by value, size, and complexity. This transaction facilitates our long-term growth strategy of entering and growing within a greater number of regulated markets, including the UK, Ireland and Africa, where many FSB clients operate.

“It also allows us to accelerate this process, diversify our customer and revenue profiles, while simultaneously migrating customers to a stronger, high performing product proven to deliver exceptional results.”

FSB Technology is a longstanding provider of wagering solutions that was founded in 2007 by David McDowell. In 2019 the Canadian private equity fund Clairvest gained a majority stake in the tech group for £23m

McDowell left the company last year and FSB’s most recent accounts show that annual revenues were up 19% to £11m but pre-tax losses had increased 60% to -£22m.

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Article published by SBCNews in partnership with Gaming&Co.

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