McCann FitzGerald advised Banach Technology Limited, a leading gambling software company, on the recent acquisition of it, subject to customary closing conditions, by PointsBet, the Australian online bookmaker.
Dublin-headquartered gambling software company Banach Technology has been acquired in a $43 million (€36 million) deal by an Irish subsidiary of Australian online bookmaker PointsBet.
PointsBet is to pay $43 million to purchase Banach on a cash and debt-free basis, with 55 per cent of this to be paid in cash and the remainder in shares. The deal is being done via its Dublin-based subsidiary, Lockspell. As part of the transaction, PointsBet has also agreed to provide Banach with $4 million in funding to assist with the conversion process of existing equity options. This amount will be retained by the PointsBet Group following completion of the transaction.
Banach is a sportsbook solutions provider that has developed a proprietary risk-management platform and quantitative-driven trading models for operators.
The McCann FitzGerald team was led by Rory O’Malley (Picture) and Valerie Lawlor, with support from a range of specialists across the firm.
Law Firms: McCann FitzGerald;
Clients: Banach Technology Limited;