H
eadsUp Entertainment International announced Wednesday that management has been working on the acquisition of a European-based gaming software development company, specialized in creating platforms for the lottery, online casino, charity fundraising and sports betting sectors.
Over the past 90 days, HeadsUp has secured the rights to acquire all assets, licenses and contracts of the target company, whose name can not yet be released due to NDA and disclosure requirements within the agreements, according to an official press release.
As per disclosure requirements as a public company, HeadsUp announced that an LOI, a Loan and Security Agreement and a preliminary Asset Purchase Agreement have been completed with a Due Diligence condition having now been met as the parties move to a Definitive Agreement and Closing, which is expected to take place in the next 60 days.
HeadsUp has forwarded approximately $1 million towards this transaction to date.
The target acquisition operates under two entities based in Europe and are licensed in multiple international jurisdictions with contracts in place to provide software platforms. Its clients range from national government contracts in the lottery sector to private gaming operators in the online casino and sports betting industry, accounting for over 50 customers.
After independent audits and private analyst reviews, it has been confirmed that the total value of contracts as part of this transaction are in excess of $180 million with revenues already being generated from multiple clients and acceleration of other new product launches.
In an official press release, HeadsUp described this purchase as “a strategic victory” as it secures “critical technology that is innovative and industry leading to capitalize on the new and expanding legal gaming and charity markets globally”.
It also supports the previously announced partnership with LOTIX LLC to enter the sports betting market as just one specific example whereby HeadsUp will now own the software required to launch solutions and customer engagement products.
“This vertical integration is a key success execution of management strategy to become an industry leader and generate substantial revenues in this exploding global market”, the company stated.
