ccording to the gambling firm, the agreement terms included an initial up-front payment of $5 million and additional payments, with the total value capped at $150 million.
Playtech announced that a team from the UK-based B2B market maker, dealer and broker would join the TradeTech Group, its financials division.
Commenting on the acquisition, Ron Hoffman, Chief Executive Officer of Playtech's Financials Division, TradeTech Group, said, "This is a significant step in the evolution of TradeTech. The financial trading industry is driven by the core capabilities of platform technology, customer acquisition and retention, CRM management, and financial trading and risk management expertise. The acquisition of Alpha's high-quality technology and teams of industry experts will significantly deepen our expertise in trading and risk management, allowing TradeTech Group to offer a full turnkey solution to B2B clients across the industry."
Muhammad Al-Amin Rasoul, Chief Executive Officer of Alpha, also added, "This is a natural fit for Alpha. The strength of TradeTech Group's management team and asset base will provide us with a platform to grow our offering with TradeTech Alpha. Not only does TradeTech offer everything that you need for a complete B2B solution for brokers, but you can get that solution from the most financially secure company in the industry. We could not be happier to join the family and start this next exciting chapter at TradeTech Group with the newly launched TradeTech Alpha brand."