OpenBet in £208m Management Buy-Out

A major technology company, whose clients include William Hill and Ladbrokes, is undergoing a major Management buy-out to the tune of £208 million, this according to the Telegraph.

The company is being purchased by Vitruvian.

From the Telegraph:

The buy-out is being led by David Loveday, OpenBet's chief executive, whose management team will hold a minority stake. Completion of the deal is subject to certain regulatory approvals.

OpenBet, which last year changed its name from Orbis Technology and has negligible debts, was founded in 1996. It has grown to become the leading provider of interactive gaming and betting solutions to the gambling industry. It provides the technical platforms on which bookmakers and lotteries handle millions of transactions.

That technology allows punters to place bets in various currencies and languages.  The technology also permits individuals to place bets from a single account across different channels such as the Web and mobile.

- Aaron Goldstein, Gambling911.com