Intralot acquires a 35% stake in Bit8
Lottery giant also obtains a call option to increase holding to 60% within the next two years
Intralot has finalised a deal to acquire a 35% stake in Bit8, six months after the lottery giant first announced its intention to invest in the platform provider.
In an announcement made this morning, Intralot said it had also obtained a call option to increase its holding to 60% within the next two years on the provision that certain financial thresholds are met.
Earlier this year the two firms revealed it had entered into a strategic alliance which would see Intralot take a minority stake in Bit8 – understood at the time to be more than 25% and valued at approximately 30m.
As part of the agreement, Intralot is currently in the process of integrating Bit8’s multi-vertical platform which includes player account management, real-time analytical tools and a range of CRM functions, into its portfolio of sites.
The agreement also includes an exclusive joint-development and marketing partnership across more than 50 international markets in which Intralot is currently present.
“The first results of our cooperation with Bit8 are very positive and we are very pleased to announce today the acquisition of 35% of the company,” Antonis Kerastaris, Intralot Group CEO, said.
“This strategic cooperation is in line with our strategy to focus on the B2C gaming market, while we further expand our product portfolio, increase customer satisfaction and provide exceptional gaming experiences to players,” he added.
Bit8 CEO Angelo Dali said today’s announcement would help the firm achieve its goal of offering the “best gaming platform in the industry”.
In February Dali told eGaming Review the alliance with Intralot could see the supplier have to double its current headcount of 40 staff in order to handle an increased demand for its services.