VITRUVIAN PURCHASES MAJORITY HOLDING IN OPENBET
13th January, 2011 at 11:54:42
NDS will use the proceeds to further growth in digital pay-TV sector
Digital Pay-TV technology provider NDS has announced an agreement pursuant to which funds managed by Vitruvian Partners will back a management buyout of interactive gaming and betting provider OpenBet, a subsidiary of NDS.
Vitruvian and management will acquire OpenBet for a cash consideration of £ 208 million. NDS will use the proceeds for general corporate purposes.
The completion of the transaction is conditional upon the receipt of certain regulatory approvals. At completion, Vitruvian will assume a majority holding in OpenBet with the remaining stake held by OpenBet Management. David Loveday, Chief Executive Officer of OpenBet, and the existing senior management team will continue in their roles.
"The sale of OpenBet will allow NDS to focus further on continued growth in our core market - the digital pay-TV technology sector", said Abe Peled, Chairman and CEO of NDS.
David Loveday, CEO of OpenBet added; "Vitruvian have a deep understanding of our business in both the online gaming and retail sectors.
Their backing will enable OpenBet to continue to grow its business worldwide, with both existing customers and future opportunities.
"This transaction will help ensure that OpenBet remains at the forefront of online and retail technology for the gaming industry both in terms of the solutions it offers and services."
Ian Riley, a Managing Partner of Vitruvian, commented; "OpenBet is a high-growth technology business with a strong reputation, proven track record and impressive client portfolio. We are delighted to be backing David and his team and to be able to help support the continued development of the business."
The Openbet casino games platform is currenty used by several UK providers of note including Paddy Power
Related News Tags: Openbet, Paddy Power