Playtech acquires games developer Eyecon for £50m
Supplier continues with its acquisition strategy snapping up software firm to boost its UK position
Playtech has acquired Australian software company Eyecon in a deal worth £50m in a move which bolsters its bingo business.
The deal sees the supplier make an initial payment of £25m, representing a multiple of 8x Eyecon’s current run-rate EBITDA.
An additional payment of up to £25m is payable on an earn-out basis of six times Eyecon’s EBITDA in the period to June 2019 less the initial payment.
Eyecon, founded in 1997, specialises on producing slots for bingo audiences and currently distributes its games to Playtech’s bingo network.
Playtech said the acquisition of Eyecon’s content portfolio will strengthen its position in the UK market.
It added the firm’s proprietary remote gaming server and distribution network will strengthen the penetration of Playtech’s Virtue Fusion offering.
Mor Weizer, chief executive officer of Playtech, said the company is “delighted” to continue with the execution of its acquisition strategy.
“Eyecon adds premium quality games to Playtech’s stable of industry leading content,” said Weizer.
“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 who has committed to remain with the business for at least three years, added: “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.”