PointsBet Holdings has announced that its Lockspell Limited wholly owned Irish subsidiary has entered into a binding agreement to acquire sportsbook solutions provider Banach Technology.
Under the agreement, PointsBet will pay US$43.0m (£31.1m/€36.1m) to purchase Ireland-based Banach on a cash and debt-free basis, with 55% of this to be paid in cash and 45% in shares.
PointsBet also agreed to provide Banach with $4.0m in funding to assist with the conversion process of existing equity options, with this amount to be retained by PointsBet after the acquisition completes.
Subject to customary closing conditions, PointsBet said that it expects the deal to go through next month.
Founded by former Paddy Power employees Mark Hughes, Alex Zevenbergen, Rob Reck and Hadrien Lepretre, Banach provides proprietary risk management platforms and quantitative driven trading models for sportsbook operators.
