PointsBet buys Banach to bolster US business

M&A

PointsBet Holdings Irish subsidiary, Lockspell, has entered into a binding share purchase agreement to acquire Banach Technology.

PointsBet will acquire Banach for US$43m on a cash and debt free basis. Banach Technology is referred to as the Robinhood of sports gambling.

Banach is a business-to-business software company that creates sports betting platforms and algorithms, including in-play wagers.

Commenting on the transaction, PointsBet’s Group CEO and Managing Director Sam Swanell said: “We are delighted with the acquisition of Banach and that its well credentialled team have agreed to join PointsBet. As legalisation to approve US sport betting accelerates across the US, it has become clear that the in-play opportunity will be very significant and those with the best depth and breadth of product will win.

Technology is at the forefront of everything we do at PointsBet and we have undertaken an in-house approach to proprietary technology as the key priority. In Banach we have found a like-minded team of technologists and the acquisition is a preferable approach to developing our in-play capabilities organically, given it allows us to dramatically ramp up our speed to market while still allowing us to own market leading technology and continue to control our destiny”.

Mark Hughes, Banach CEO said: “I am extremely proud of the business and team we have built over the last few years. We could not be more excited about the burgeoning US opportunity and the role that the Banach team will play in accelerating and strengthening PointsBet’s pre-game, in-play and free-to-play offering in the United States. It is great to be part of such a forward-thinking global organisation.”

RECOMMENDED