PointsBet completes $43m Banach Technology acquisition
21st April 2021
| By Robert Fletcher
PointsBet Holdings has completed its previously announced acquisition of sportsbook solutions provider Banach Technology.
The operator last month agreed a deal through its Lockspell Limited Irish subsidiary to purchase Banach for US$43.0m (£30.1m/€35.8m) to purchase Banach on a cash and debt-free basis, with 55% of this being paid in cash and 45% in shares.
PointsBet said the deal strengthens its position in the in-play sports betting market in the US and also accelerates its technology roadmap, placing it in a position to take advantage of growth in sports betting activity in the US.
6,827 points.
Afterpay Ltd (ASX: APT) share price rose 3.1% and the
Xero Limited (ASX: XRO) share price grew 4%.
Here are some of the highlights from the ASX:
The Pointsbet share price rose strongly today after announcing an acquisition.
It’s acquiring Banach Technology, which is a Dublin-based provider of proprietary risk management platforms and quantitative driven trading models that support complex pre-game and in-play betting products across numerous sports, including the four major American sports and international soccer.
Pointsbet is going to spend US$43 million to buy the business on a cash and debt free basis. This price will be split between 55% cash and 45% in 1.75 million shares.
Banach bought by PointsBet for $43m
Updated / Tuesday, 16 Mar 2021
17:46
Banach Technology, the Irish gambling software developer, has been bought by Australian betting company PointsBet for $43m.
The transaction will be made up of 55% cash, with the remainder coming in shares.
Based in Dublin Banach Banach was founded by Rob Reck, Mark Hughes, Alex Zevenbergen and Hadrien Lepretre.
All four men played a leading role in establishing the Quants department at Paddy Power.
Banach currently employs around 40 technology and product staff who develop risk management platforms and quantitative driven trading models for pre-game and in-play online betting products across numerous sports.