Playtech Buys Online Bingo Specialist Eyecon for £50m

Business News

Playtech announces the acquisition of the entire issued share capital of Eyecon Ltd and Eyecon Pty Ltd, for a maximum total consideration of £50m.

Eyecon is a specialist supplier of online gaming slots software to an international customer base.

Eyecon currently derived almost all its revenue from the UK market and in line with Playtech’s acquisition strategy, almost all of Eyecon’s revenues were fully regulated.

The addition of Eyecon’s content portfolio strengthens Playtech’s position as the leading content provider in this key market,” said Playtech in a statement.”In addition, Eyecon’s proprietary RGS and distribution network will strengthen the penetration of Playtech’s Virtue Fusion offering.”

The maximum consideration of £50m comprised an initial payment of £25m on a cash-free and debt-free basis, representing a multiple of about 8-times Eyecon’s current run-rate EBITDA.

An additional consideration of up to £25m was payable on an earn-out basis of 6-times Eyecon’s EBITDA in the period to June 2019, less the initial payment.

In order to assist in retaining the knowledgeable and specialist Eyecon team, its founder Scott Murray, has committed to remain with the business for at least three years.