Australian lottery retailer Jumbo Interactive has entered into an agreement to acquire Canadian lottery management provider Stride Management for a cash consideration of $11.7 million subject to satisfaction of certain conditions under the agreement.
The acquisition of Stride is another key strategic step in Jumbo’s international expansion strategy following the successful acquisition of UK-based Gatherwell Ltd in November 2019.
Calgary-based Stride provides services to over 750,000 active lottery players in the Alberta and Saskatchewan provinces. It operates within the $1.2 billion estimated Total Addressable Market of the Canadian Charitable Lottery and Raffle sector.
Mike Veverka, Founder and CEO of Jumbo Interactive, said: “Since 1997 Stride has grown to service over 750,000 active lottery players generating $122 million in annual ticket sales. The acquisition will significantly add scale to our Managed Services business and gives us a strategic foothold to grow in the Canadian charity lotteries market.”
“Stride has a proven track record working with charitable organisations for over 20 years and we look forward to supporting the not-for-profit sector in Canada in meeting the challenges from COVID-19 and digitising their fundraising programs utilising Jumbo’s world leading software and services.”