Orbis to buy UK racing tech giant Alphameric
Orbis is to acquire Alphameric Solutions, the UK racing technology supplier to more than 8700 betting shops.
ORBIS is to acquire Alphameric Solutions, the UK racing technology supplier to more than 8700 betting shops.
Alphameric Solutions is the UK’s leading technology supplier to betting shops, and shares clients with Orbis including Ladbrokes, Paddy Power and William Hill. It is owned by London Stock Exchange (LSE) listed Alphameric plc.
The deal, for a total cash consideration of £15.4m to acquire Surrey-based Alphameric Solutions’ entire issued share capital, will boost Orbis’ offering in land-based betting to complement its online strength.
Orbis chief executive David Loveday said: “Alphameric Solutions will be a good fit for Orbis, especially as we already share a number of customers. Together we will have the skills, product innovation and technical excellence to take advantage of increasing opportunities across the global gaming sector.”
Alphameric plc is 29% owned by Joe Lewis-backed London commercial property fund Mayfair Capital Investments, and the Orbis buy follows four months after Alphameric in December announced that acquisition talks with a third party believed to be Mayfair Capital had concluded without a deal.
Following the acquisition of Alphameric Solutions, Alphameric plc will change its name to Timeweave, and move its shares from the LSE main list to the LSE’s Alternative Index Market (AIM) junior bourse.
Alphameric plc owns half of the company behind closed user group betting channel Turf TV, Amalgamated Racing (Amrac), a joint venture company between Alphameric and Racecourse Media Services, a company in turn owned by 31 of the UK’s premier racecourses.
Amrac in November won a two-year legal battle against a group of bookies including joint Alphameric and Orbis customers Ladbrokes and William Hill that alleged that Amrac had acquired its horse racing media rights in contravention of UK competition law
In an unrelated event, Alpahmeric plc chief executive Alan Morcombe stepped down from his role on 28 February despite having earlier survived an attempt by Mayfair Capital to oust him from the board.