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Leading bingo software company sold for £75 million
After 8 months of talks it has been announced that the British software company, Inspired Gaming, has agreed to a £74.4 million takeover by a private equity company. The leading bingo solutions company giant has a 37% share in the UK bingo market as well as a 20% share in the e-table and casino slots market.
Although Inspired Gaming is not a name that many players would be familiar with, there are many who play with it’s customers – which include Paddy Power, Gala Bingo and Betfred. It has become an important player in the supply of electronic bingo solutions over the last 3 years, and has also been a major influence in the use of hand held consoles, which have become more common to play bingo, interval bingo and slots with.
The private equity firm, Vitruvian Partners, has offered 60p per share in cash for Inspired Gaming, which equates to a 21% premium on the closing share price on 30th April. The board of Inspired Gaming have recommended that share holders accept the offer. A non-executive director of the board, Julian Paul said; “We believe that the acquisition fairly reflects both Inspired’s future growth prospects and the challenges of executing its business plan as a publicly listed company,”.
Shares closed at 49.5p on Friday, which valued the company at £64.1 million. Shareholders would be offered shares in the new company as an alternative to cash. With much talk of doom and gloom in the industry it’s good to read some positive news for a change.
Brought t you by London Bingo News
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