OpenBet £208m Management Buyout
A private equity firm that goes by the name of Vitruvian has purchased OpenBet for £208m led by David Loveday in a cash management buyout; this has been confirmed by the software provider’s CEO.
OpenBet is a subsidiary of Digital pay-TV technology supplier NDS, has recently informed its shareholders that it has concluded a business deal to sell the software business to Vitruvian for £208m on condition certain criteria is met first. A reputable brand name in the UK’s gaming industry following its purchase of UK games machines business Inspired Gaming for the amount of £75m pounds in May 2010.
Loveday has championed the takeover and his management team will retain a small share in the business. Once the deal has been concluded Vitruvian will then hold the majority shares within the company. The executive manage team and Loveday will remain in their current positions according to the latest statement issued by the company. The statement stipulates that NDS will use the revenue generated for “common corporate purposes” but was not prepared to elaborate.
“Vitruvian understands our business concept in both the internet casino industry and other vending sectors,” said Loveday. “With their financial backing and numerous other resources OpenBet is set to became a market leader on a global scale, with both our current set of clients and future prospects.
“NDS’ experience and expertise in its respective field has greatly contributed to the accomplishments of OpenBet. The business deal between OpenBet and DNS will ensure that OpenBet remains a leader in the internet casino and retail technology for the gaming industry by means of providing both services and solutions,” he concluded.
In 1996 OpenBet was established, it was formerly known as Orbis Technology. The company provides casino game software to some of the largest online gambling operators such as William Hill, Ladbrokes and Betfair.
Managing partner of Vitruvian, Ian Riley concluded: “OpenBet could be seen as a first-class technology business with a proven track record and a remarkable client portfolio. It’s an honour to support David and his team and to be able to form part in the perpetual development of the internet casino sector.”[addtoany]