Mobile betting app and digital product provider mkodo has entered into a binding agreement to be acquired by Canadian firm Pollard Banknote, a lottery partner to more than 60 lotteries worldwide.
The firm’s majority shareholders, Stuart Godfree and Sue Yoxall, revealed the news in a statement this week, outlining how the two organizations will work together. It also noted that Pollard Banknote will pay an initial purchase price of £7.8m prior to standard working capital adjustments plus further potential earn-out payments based on mkodo meeting future EBITDA targets.
Godfree said: “We are excited to join the team at Pollard and look forward to expanding our reach in the gaming world in collaboration with our new colleagues. Not only do we see a great cultural fit with the two organizations, but joining the leading lottery partner will allow mkodo to take the next step in its ongoing evolution as the foremost supplier of mobile lottery solutions in the world.”
Yoxall added: “We have grown mkodo organically over the past 18 years into a market leading technology player in the betting, gaming and lottery sectors. Pollard Banknote is an excellent fit with mkodo at this stage in our development – having the longevity of experience, excellence in product range, and an understanding of the value their team members and partnership relations. We believe that together we will be able to leverage our complementary capabilities to bring innovative and exciting digital products and apps to the global lottery industry.”
Doug Pollard, Co-CEO, Pollard Banknote, commented: “We are very excited to have the talented mkodo team join Pollard and we look forward to bringing their proven gaming focused technology and vast experience to the lottery industry and other markets.
“Working alongside our existing lottery resources within Pollard, we will be able to expand mkodo’s reach into some of the leading lotteries worldwide. At this current time of heightened digital focus and rapid development within lotteries and gaming organizations, being able to bring to our current and future customers the technological and customer facing expertise of mkodo is a game changer.
“Particularly in light of ongoing regulatory changes in app requirements, mkodo and Pollard now stand ready to lead the lottery and gaming industry to first in class solutions in the mobile environment.”