Sportech has agreed to sell its Global Tote business to Betmakers Technology for £30.9 million.

The Global Tote business provided technology solutions and services to gaming businesses around the world, predominantly to the global horseracing betting industry.

Its systems processed around US$12.2 billion in betting handle in the financial year ended 31 December 2019 for clients across 37 countries. In the year ended 31 December 2019, it generated revenue of £30.8 million and a pre-tax of £0.8 million.

‘We previously set out that one of the group’s transformation objectives included evaluating and executing material corporate opportunities which deliver tangible investor returns,’ chief executive Richard McGuire said.

‘The board believe this transaction very much achieves that objective.”In addition to the range of opportunities which the net proceeds are expected to provide to the group, we believe the BetMakers product suite will further enhance the existing Sportech platform providing additional opportunities for global gaming clients.’