he acquisition is expected to be completed in the third quarter of 2007, subject to regulatory and certain other closing conditions, including the spin-off of Finsoft’s non sports-betting businesses to Finsoft Financial Systems, a company owned by the
existing shareholders of Finsoft.
In addition, Gtech will acquire substantially all of the assets of BEG Finsoft Belgrade, an affiliated company and the Serbian-based development center for Finsoft’s sports-betting operations.
“As a leading provider of sports-betting solutions, Finsoft has built a reputation of providing its clients with leading-edge solutions enabling them to offer their players a vast variety of bets and game offerings through all channels, utilizing real-time risk management," said W. Bruce Turner, CEO of Lottomatica and Gtech.
He continued: "By acquiring Finsoft, Lottomatica Group is now well-positioned to deliver a complete, integrated sports-betting solution to our customers and prospects, including fixed odds, pari-mutuel, betting exchange, and soft gaming via the internet, telephone, retail, interactive TV and mobile channels, as well as self-service terminals."
"Our goal is to become the world’s leading provider of sports-betting technology
and content to government-sponsored lottery markets and regulated commercial sports-betting markets, offering a full suite of support and management services." He concluded.
Predrag Popovic, CEO of Finsoft, said: "We look forward to working with the Lottomatica Group to continue the expansion of our business in the growing sports-betting market, and the opportunity to provide government-regulated lotteries with leading-edge technology. Through our partnership with Gtech, we also look forward to continue serving our existing customer base with a wider product offering."
The global sports-betting market is a 150 billion euros industry. Lottomatica Group believes this market is positioned for continued high growth in the foreseeable future, driven by a number of factors such as the demand for sports-betting technology in Europe and Asia, including a number of anticipated international bids in Taiwan and Turkey; the consolidation of technology providers in this particular market; and the desire for fresh content.
Finsoft currently employs approximately 145 people in its bookmaking teams in London and Belgrade. Gtech intends to maintain Finsoft’s operations in London and Belgrade and its separate brand identity.
Its unique MarginMaker platform runs some of the most successful and fastest-growing companies in the betting industry, such as Singapore Pools, Chisholm Bookmakers and Boyle Sports. An integration plan has been established in order to assure customers of uninterrupted services and a seamless transition.