NYX Gaming Group has announced the acquisition of rival casino content provider, Betdigital, making it the second major purchase for the software provider this year. The deal follows closely on the heels of the completion of NYX Gaming’s acquisition of OpenBet.
Launched in 2011, Betdigital develops content and systems for online, mobile, interactive TV and offline gaming platforms in the UK. Betdigital will now supply NYX with a gaming platform and studio for its online and retail markets in the UK and according to the CEO of Betdigital, Heath Samples, it will “help NYX gain maximum returns from their plans for omni-channel expansion.”
“Being part of the NYX family will accelerate Betdigital’s growth story by leveraging the cross-sell opportunities available with the NYX customer base and by providing them with world-class content,” continued Samples.
NYX Gaming has agreed to pay up to a maximum of £24.5 million for Betdigital, made up of an undisclosed upfront cash payment and an earn out over a three year period. The final amount payable will be based on a 2.51x multiple of earnings before interest, tax, depreciation and amortisation (EBITDA) for the company.
“In Betdigital, we have identified an asset that will strengthen our reach and underpin the global content strategy of the company,” commented chief executive of NYX Gaming Group, Matt Davey. “Particularly, Betdigital allows NYX to strengthen its position in the UK market, providing another unique flavour of regional expertise and omni-channel content that will benefit NYX and OpenBet customers and shareholders immediately and over the long term.”
NYX released its financial report for Q1 last week which showed an 89 percent jump in revenue to $14.4 million which has been largely attributed to the company’s acquisition of the Amaya Gaming B2B software brands, Chartwell and Cryptologic.