- PointsBet Holdings (PBH) has completed its acquisition of Banach Technologies
- PointBet’s Irish subsidiary, Lockspell, acquired Banach for US$43 million (roughly A$55 million), paid 55 per cent in cash and the remainder in company shares
- The bookmaker says the acquisition will allow it to use Banach’s highly sophisticated risk management algorithms to offer superior value to customers
- PointsBet is down 0.92 per cent, trading at $12.96
PointsBet Holdings (PBH) has completed its acquisition of Banach Technologies.
Dublin-based Banach Technologies is a business-to-business provider of risk management platforms and trading models that support complex betting products.
PointBet’s Irish subsidiary, Lockspell, acquired Banach for US$43 million (roughly A$55 million) on a cash and debt-free basis. The purchase price was paid 55 per cent in cash, with the remainder in company shares at an issue price calculated using a 20-day volume-weighted average price.
The bookmaker says the acquisition will allow it to make use of Banach’s highly sophisticated risk management algorithms and deep-trading experience to offer superior value to its customers.
“We are delighted to welcome Banach into the PointsBet family and look forward to working together to deliver our full potential for the benefit of PointsBet shareholders, and all of our stakeholders,” said PointsBet Group CEO and Managing Director Sam Swanell.
The company says this acquisition will position PointsBet as a leader of in-play sports wagering in the U.S., to take advantage of growth in sports betting activity. Within the next three years, in-play wagering is expected to represent around 75 per cent of all sports wagering activity in the United States, growing exponentially.
“The compatibility of our two businesses presents an excellent opportunity to achieve great success together, and we cannot wait to start delivering an industry-leading experience to the PointsBet customer,” said former Founder and CEO of Banach Technology Mark Hughes.
Mark Hughes will soon take on the role of PointsBet Group Chief Operating Officer as a result of the acquisition.
PointsBet is down 0.92 per cent, trading at $12.96 at 9:15 am AEST.