Playtech plc Acquires Eyecon Pty. Ltd
Playtech today announces the acquisition of the entire issued share capital of Eyecon Limited and Eyecon Pty. Ltd, a specialist supplier of online gaming slots software to an international customer base, for a maximum total consideration of £50 million.
Eyecon was founded in Brisbane, Australia in 1997 and is a specialist software supplier with a particular focus on bingo audiences with an established games portfolio of over 70 games, including the industry-leading soft gaming slot 'Fluffy Favourites.' Eyecon has also developed its own Remote Gaming Server (RGS) which enables it to distribute its content direct to operators and via distributors, such as 888 Holdings plc and Virtue Fusion, Playtech's bingo network.
Eyecon currently derives almost all its revenue from the UK market and in line with Playtech's acquisition strategy, almost all of Eyecon's revenues are fully regulated. The addition of Eyecon's content portfolio strengthens Playtech's position as the leading content provider in this key market. In addition, Eyecon's proprietary RGS and distribution network will strengthen the penetration of Playtech's Virtue Fusion offering.
The maximum consideration of £50m (c. EUR 58m) comprises an initial payment of £25m (c. EUR 29m) on a cash free / debt free basis, representing a multiple of c.8x Eyecon's current run-rate EBITDA. An additional consideration of up to £25m is payable on an earn-out basis of six times Eyecon's EBITDA in the period to June 2019 (subject to certain adjustments) less the initial payment.
In order to assist in retaining the knowledgeable and specialist Eyecon team, its founder Scott Murray, has committed to remain with the business for at least three years.
Mor Weizer, Chief Executive Officer of Playtech, said:
"We are delighted to continue the execution of our acquisition strategy by welcoming Eyecon to the Playtech Group. Eyecon adds premium quality games to Playtech's stable of industry leading content. 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, said:
"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.
I would like to express my gratitude to the many talented people who have worked so hard over the last 20 years to make Eyecon a success. We look forward to building upon Eyecon's reputation for delivering gaming excellence and taking the next step in development with Playtech."