Contagious names new CFO, updates on Digitote acquisition

1 December 2015

Contagious Gaming has stated that it expects its pending acquisition of Digitote to go through early this month, while also confirming the appointment of Craig Loverock as its new chief financial officer.

The company in May struck a deal to acquire Digitote, with the agreement initially due to be finalised by September.

Contagious then revealed last month it had entered into a definitive agreement to acquire all of the issued and outstanding common shares of Digitote Limited and Digitote Software GmbH Deutschland.

Some doubts were raised over the deal following the firm’s decision to pull out of a planned acquisition of Sportech.

However, in a business update, Contagious has now stated that following the agreement in October, the acquisition will take place in early December.

The confirmation comes as Contagious posted revenue of $215,844 (€203,815) for the three months through to September 30, up from the $209,398 reported in the three months ended June 30.

Adjusted earnings before interest, tax, deprecation and amortisation was also up from a loss of $503,497 in the second quarter of this year to a loss of $456,363 in the most recent three-month period.

Meanwhile, Contagious has confirmed the appointment of Craig Loverock as its new chief financial officer and corporate secretary.

Loverock will take over from Adam Kniec, who had served in both roles since the company first went public.

With more than 20 years’ experience in the financial sector in North America and the UK, Loverock has held senior roles with the likes of VoiceTrust, Quartz Capital and Magna International.

Related articles:

Contagious Gaming opts against Sportech offer

Contagious signs definitive agreement to acquire Digitote