Online gambling technology provider Playtech has made yet another acquisition via a £50m deal for rival software outfit Eyecon.
On Tuesday, Playtech announced it had paid £25m upfront for Eyecon, which boasts over 70 games in its portfolio, including the popular Fluffy Favourites slots title. An additional consideration of up to £25m will be payable based on Eyecon’s earnings hitting certain benchmarks by June 2019.
Eyecon boasts its own remote gaming server, which allows it to distribute content direct to operators and via distributors, including 888 Holdings and Playtech’s own bingo network Virtue Fusion.
Eyecon founder Scott Murray has agreed to stay on with the company for at least the next three years “in order to assist in retaining the knowledgeable and specialist Eyecon team,” which has a particular focus on bingo audiences.
Playtech CEO Mor Weizer said the deal fit with the company’s 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.”
Eyecon derives nearly all its revenue from the UK market, which Playtech says is in line with its acquisition strategy of boosting its share of revenue from regulated markets, which represented only 41% of the total in the company’s most recent geographic revenue breakdown.