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.
Banach is a sportsbook solutions provider that has developed a proprietary risk-management platform and quantitative-driven trading models for operators.
It was founded by Mark Hughes, Alex Zevenbergen, Rob Reck and Hadrien Lepretre, who previously established the quants division of Paddy Power, now Flutter Entertainment. The company employs 40 people.
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 subsidiar…
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