PointsBet completes $43m Banach Technology acquisition

News  /  Published 21 Apr 2021  / 

PointsBet Holdings has completed its previously announced acquisition of sportsbook solutions provider Banach Technology.

The operator last month agreed a deal through its Lockspell Limited Irish subsidiary to purchase Banach for US$43.0m to purchase Banach on a cash and debt-free basis, with 55% of this being paid in cash and 45% in shares.

PointsBet said the deal strengthens its position in the in-play sports betting market in the US and also accelerates its technology roadmap, placing it in a position to take advantage of growth in sports betting activity in the US.

In addition, PointsBet said using Banach’s risk management algorithms and experience of trading will allow it to optimise achieved margin and offer greater value to its customers.

“We are delighted to welcome Banach into the PointsBet family and look forward to working together to deliver our full potential for the benefit of PointsBet shareholders and all of our stakeholders,” PointsBet group chief executive and managing director Sam Swanell said.

Banach’s former founder and chief executive Mark Hughes added: “The compatibility of our two businesses presents an excellent opportunity to achieve great success together, and we cannot wait to start delivering an industry-leading experience to the PointsBet customer.”

The original agreement reached last month stated that Banach’s quartet of founders – all former Paddy Power employees – would take on new roles within the expanded PointsBet business.

Hughes agreed to become chief operating officer of PointsBet, with Alex Zevenbergen set to become vice president of engineering for the operator’s trading platform.

Hadrien Lepretre was sounded out for the role of vice president of quantitative analytics, and Rob Reck as product and technology advisor to PointsBet.

 

Source: iGB North America