Playtech Sold Finalto for 210mln USD
Estonian software developer Playtech will now on concentrate on business-to-business and business-to-customers deals after confirming rumors about selling its financial decision – Finalto.
The main investor is the Israeli private investing company, Barinboim Group, along with 2 other Israeli corporations – Leumi Partners investment company, and insurance and finance group Menora Mivtachim Insurance.
Playtech is aimed to facilitate the company’s operations and the current deal is in line with that strategy. The money influx will stabilize Playtech’s cash flow.
The deal will be finalized during the Q4 of this year and according to the company’s board, the deal corresponds to the interests of all shareholders.
Long-time Chief Executive Officer of Playtech, Mr. Mor Weizer noted that during the last years the company was working on operating simplifications that will result in maximizing the company’s efficiency for its stakeholders. He further stresses that
All parties affected by the deal will benefit from it, have a clear vision of Finalto’s future. Playtech’s executive team wishes their colleagues future success.
The purchase price consists not only of the product value but also other factors of Finalto’s performance. Currently, the deal is the process of affirmation by Playtech’s stakeholders and state regulatory bodies that will have to take a look at the legal aspects of the purchase.
The financial division is one of the most successful units of the organization with 80% revenue increase compared to the last year and excellent operational performance.
Mr. Weizer further notes that
The money influx after the deal along with the company’s expertise in the field will contribute to Playtech’s strategy of offering more innovative products to businesses and customers. The software developer has already managed to secure its positions in many strategic markets like LatAm market, European, and the US markets. The recent partnership agreements further establish the company’s position as a leading iGaming software provider.