Described as milestone for the company
Gaming Innovation Group Inc. (GIG) said it had achieved a milestone in fulfilling its ambition to offer a leading platform for sportsbook with the acquisition agreement to purchase sports betting tech company OddsModel AS.
GIG said it will gain a "team of top class experienced traders whom are sourcing the very best information and data into technology platforms to trade sports and hedge risk" through the acquisition.
The company will issue 21.87 million new GIG shares as consideration for all shares in OddsModel, corresponding to a multiple of approximately six on the projected net result for OddsModel in 2016. The new shares will be subject to a two-year lock-up agreement.
GIG intends the initial integration of the OddsModel system with its iGaming Cloud's Sportsbook Engine to be concluded ahead of the Euro Cup in June 2016, and a complete integration to be completed thereafter.
"Through the acquisition and integration of the very exciting software, and vastly skillful people of OddsModel, GIG will significantly enhance its capability to serve attractive and innovative solutions to B2B and B2C customers," said Robin Reed, chief executive officer of GIG.
Online Casino News Courtesy of Infopowa