Playtech Buys Online Bingo Specialist Eyecon for £50m

London listed gaming and financial industry giant Playtech (LSE: PTEC) has just announced the acquisition of Eyecon, a specialist supplier of online gaming slots software, for a maximum total consideration of £50 million.

Eyecon has a particular focus on bingo with an established portfolio of over 70 games, including the popular ‘Fluffy Favourites’. Eyecon currently derives almost all of its revenue from the UK market and almost all of its revenues are fully regulated.

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. Playtech says this will strengthen the penetration of its own Virtue Fusion offering.

According to the deal, the maximum consideration of £50 million comprises an initial payment of £25 million on a cash free/debt free basis. An additional consideration of up to £25 million is payable on an earn-out basis of six times Eyecon’s EBITDA in the period to June 2019 less the initial payment.

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.”

In order to assist in retaining the Eyecon team, its founder Scott Murray has committed to remain with the business for at least three years. He 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.”

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