Sportech PLC has completed its acquisition of online lottery systems and games provider LOT.TO.
The acquisition will provide Sportech with a new digital gaming vertical for iLottery, as well as enhancing its internal capacities incorporating LOT.TO’s product proven technology development teams, the company said in a press release.
“This acquisition will enhance the digital capabilities across all group business lines,” said Richard McGuire, a five percent shareholder of LOT.TO and Executive Chairman of Sportech in a press release. “In addition, it will accelerate a strategy to further develop those growth opportunities, consolidate our sports betting capability, enhance our existing Lottery product capabilities and support the digital development of our global pari-mutuel capabilities in an efficient and effective manner.”
UK-regulated LOT.TO is recognized as a digital specialist in the lottery sector through its provision of turn-key solutions to a B2B client base. Consideration will be made through the issuance via a cash plus shares offer, with the issuance of two million new Sportech ordinary shares of 20p each to the vendors. Vendors will be subjected to a three-year lock-up agreement with respect to consideration shares, the release said.
