Issuing a market update, Nasdaq-listed gambling technology supplier Scientific Games Corporation (SGC) continues its M&A expansion acquiring Las Vegas Blackjack ‘hole reader’ and games specialist Tech Art Inc for an undisclosed sum.
Updating stakeholders, SGC governance detailed that the acquisition would boost the firm’s casino-based security provisions.
Tech Art is a fully licensed casino equipment manufacturer for all US jurisdictions. The firm is credited with inventing the MAXTime blackjack reading device, a system used by casinos to improve dealer security when blackjack cards are dealt.
The acquisition will see SGC takeover all Tech Art patents and related products. Issuing a corporate statement relating to the acquisition of Tech Art, SGC stated
“There will be an opportunity to market Tech Art’s MAXTime 4H product internationally through Scientific Games’ expansive distribution network, helping casinos across the world increase play speed and enhance the security of blackjack games,”
This week, SGC governance announced that it had sanctioned a private $350 million senior secured notes offering, with the net proceeding being used for its forthcoming $630 million acquisition of Toronto TSX-listed online gambling technology and platform supplier NYX Gaming.