Lockspell Limited, the Irish subsidiary of PointsBet Holdings, has entered into a binding share purchase agreement (SPA) to acquire Banach Technology Limited. The transaction is subject to customary completion conditions and is expected to close in April 2021.
This acquisition accelerates PointsBet’s technology roadmap and places the company in a prime position to take advantage of the growth of sports betting activity in the US. Also, through highly sophisticated risk management algorithms and deep trading experience, Banach’s technology will allow Pointsbet to optimise achieved margin and offer superior value to their customers. Banach currently provides services to several of the world’s premium sports book operators.
Sam Swanell, CEO and Managing Director of PointsBet, said: “We are delighted with the acquisition of Banach and that its well credentialled team have agreed to join PointsBet.
“As legalisation to approve US sport betting accelerates across the US, it has become clear that the in-play opportunity will be very significant and those with the best depth and breadth of product will win. Technology is at the forefront of everything we do at PointsBet and we have undertaken an in-house approach to proprietary technology as the key priority.
“In Banach we have found a like-minded team of technologists and the acquisition is a preferable approach to developing our in-play capabilities organically, given it allows us to dramatically ramp up our speed to market while still allowing us to own market leading technology and continue to control our destiny.”
Mark Hughes, CEO of Banach, said: “I am extremely proud of the business and team we have built over the last few years. We could not be more excited about the burgeoning US opportunity and the role that the Banach team will play in accelerating and strengthening PointsBet’s pre-game, in-play and free-to-play offering in the United States. It is great to be part of such a forward-thinking global organisation.”