Pollard Banknote to acquire app developer mkodo
Canadian lottery provider pays initial £7.8m to acquire app specialist
Lottery solutions giant Pollard Banknote today agreed a deal to acquire London-based app development firm mkodo for an initial £7.8m.
Completion of the sale is dependent on regulatory and third-party approval and the purchase price could rise depending on mkodo’s EBITDA-based earn-out payments.
Canada-headquartered Pollard Banknote provides B2B services, including instant tickets, merchandising solutions and gaming apps, to more than 60 lotteries worldwide.
Mkodo co-founder Stuart Godfree
Mkodo MD and co-founder Stuart Godfree said: “We are excited to join the team at Pollard and look forward to expanding our reach in the gaming world in collaboration with our new colleagues.
“Not only do we see a great cultural fit with the two organisations but joining the leading lottery partner will allow mkodo to take the next step in its ongoing evolution as the foremost supplier of mobile lottery solutions in the world.”
Pollard Banknote co-CEO Doug Pollard added: “Working alongside our existing lottery resources, we will be able to expand mkodo’s reach into some of the leading lotteries worldwide.
“At this current time of heightened digital focus and rapid development within lotteries and gaming organisations, being able to bring to our current and future customers the technological and customer-facing expertise of mkodo is a game changer.”