Intralot to acquire remaining stake in Bit8
Intralot has signed a share purchase agreement to acquire the remaining 65% stake in gaming technology company Bit8.
In July 2015, Intralot purchased a 35% stake in Bit8 and there was an option for Intralot to increase its participation in the company to 60% if certain financial targets were met.
However, having worked with Bit8 on a number of projects over the past two years, including the development of Intralot’s PULSE customer relationship management platform, the firm has upped its stake to 100%.
Financial terms of the acquisition deal were not disclosed.
Antonios Kerastaris, chief executive of Intralot, said: “PULSE has become a major pillar of our Digital Transformation strategy for Lottery Modernisation and a strategic asset in our product portfolio.
“Bit8 becomes a full member of the Intralot family, carrying enormous promise for future growth and product development by playing an important role in the successful deployment of our ‘All About the Player’ product design strategy.”
Angelo Dalli, the founder of Bit8 who will remain on the board of directors at the company, added: “I am thrilled for the success of our cooperation with Intralot and today’s development that promises to bring a new cycle of growth, portfolio enhancement, and international recognition for Bit8.
“Like every founder who has worked hard for the creation of a successful company I am proud about the company’s evolution and look forward to our future cooperation to reach new targets.”