£208m is enough to buy-out OpenBet
The gambling technology group OpenBet is set to make a £208m management buy-out which is backed by Vitruvian Partners.
Vitruvian is set to buy OpenBet for cash from NDS, which is the technology supplier to the pay-TV industry owned by News Corporation and Permira funds.
David Loveday, OpenBet`s chief executive, is leading the buy-out which has to go through some regulatory approvals.
There is speculation that if Vitruvian buys OpenBet then it will try to merge it with Inspired Gaming, which is the supplier of software for bookies’ fixed- odds betting terminals.
OpenBet, founded in 1996, changed it`s name from Orbis Technology last year which didn`t help the company escape the inevitable negligible debts.
Nevertheless it has become one of the most significant providers of interactive gaming and betting solutions in the gambling industry with such clients as William Hill, Ladbrokes and Betfair.
OpenBet supplies the technical platforms on which bookmakers and lotteries hold millions of transactions, which enables the players to use different languages and currencies if they wish in game mode.
This technology is very convenient since it allows for the player to use only one account for many purposes such as betting online, on the phone or in betting shops.
On the bright side the betting is completely supported by OpenBets’ customers since it is a chance for the company to develop further.