Pollard Banknote has agreed to acquire app and digital product provider mkodo for an initial £7.8m.
Pollard Banknote is a lottery partner to more than 60 lotteries worldwide, providing instant ticket products, licensed games, Schafer Systems and Fastrak retail merchandising solutions and a full suite of digital offerings.
The initial purchase price is prior to standard working capital adjustments plus further potential earn-out payments based on mkodo meeting future EBITDA targets. Completion of the transaction is subject to certain regulatory and third-party approvals.
Mkodo co-founder Stuart 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.”
Fellow co-founder Sue Yoxall said: “We have grown mkodo organically over the past 18 years into a market leading technology player in the betting, gaming and lotteries sector. 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 lotteries industry.”
