Intralot Group acquires full ownership of Bit8
Leading gaming solutions supplier and operator, INTRALOT Group (INLOT:ATH), recently announced it had signed a Share Purchase Agreement to acquire the remaining 65 percent of Malta-based gaming technology company Bit8 via its subsidiary INTRALOT Global Holdings BV (INTRALOT). The deal makes the Greek company a 100% shareholder in Bit8.
Intralot first invested in the Maltese company in 2015 via INTRALOT Global Holdings BV, which purchased a 35 percent stake in the business, with the company now increasing that to full ownership.
Intralot has prospered in 2017, having posted an increase of 20.6 percent in its global revenue during Q1 this year rising to €367.9m. Additionally, the operator that is active in 55 regulated jurisdictions worldwide, in July this year signed a $5 million renewal of its existing contract with the Vermont Lottery through June 30, 2020.
Chief Executive Officer for INTRALOT Group Antonios Kerastaris (pictured) stated that he was excited to have completed the purchase of Bit8 by INTRALOT, which comes on the heels of a joint two-year product development partnership, that among other benefits, has secured for INTRALOT, the world-class CRM system, PULSE. Kerastaris elaborated stating “PULSE has become a major pillar of our Digital Transformation strategy for Lottery Modernization and a strategic asset in our product portfolio. Bit8 today becomes a full member of the INTRALOT family, carrying enormous promise for future growth and product development by playing an important role in the successful deployment of our “All About the Player“ product design strategy,” according to the press release.
Angelo Dalli, founder of Bit8, who will remain in Bit8’s Board of Directors so that he may offer strategic advice for the company’s further growth stated that he was “thrilled for the success of our cooperation with INTRALOT and today’s development that promises to bring a new cycle of growth, portfolio enhancement, and international recognition for Bit8.” Dalli said that like every founder who has labored intensely to create a successful company, he is proud of its evolution and looks forward “to our future cooperation to reach new targets.”