Australian gaming technologies and software firm BetMakers Technology Group Limited has announced that it has raised approximately $38.28 million via a public placement so as to help fund its planned acquisition of the racing and digital assets of British pools betting innovator Sportech.
The Sydney-listed firm used an official Monday filing (pdf) to detail that the cash was raised after it offered more than 83 million shares to sophisticated and institutional investors individually priced at around $0.46. The Australian supplier moreover explained that it is now hopeful of being able to bring in an additional $7.64 million courtesy of a share purchase plan with all of these funds subsequently going towards its procurement of Sportech’s sportsbetting assets.
Newcastle-headquartered BetMakers Technology Group Limited inked the deal to buy parts of the Sportech business last month and later revealed that the completed transaction is likely to end up costing it in the region of $42.86 million. The company used an earlier press release (pdf) to declare that it hopes the finished arrangement will allow it ‘to drive rapid United States expansion and fixed-odds opportunity’, grow its customer base in Europe, Asia and North America and establish itself ‘as a global leader in business-to-business wagering and data technology for racing’.
Read a statement from BetMakers Technology Group Limited…
“The proposed acquisition of Sportech’s racing and digital assets in the United States, United Kingdom and Europe is intended to accelerate our international growth plans with a significantly expanded global customer base and strategic position to fully capitalize on emerging opportunities in the market of the United States including fixed-odds wagering. We consider the acquisition to be transformational for the company’s financial and growth prospects.”
BetMakers Technology Group Limited furthermore used its Monday filing to proclaim that it has begun ‘negotiations of commercial terms with several operators’ but stopped short of providing details concerning the potential worth of these deals even as it offered an assurance that it would ‘notify the market of such transactions in due course in accordance with its continuous disclosure obligations.’