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Australian digital lottery company Jumbo Interactive signed an agreement to acquire the Canadian lottery management provider, Stride Management.
Jumbo announced in a news release it will acquire 100 per cent of Stride for a cash consideration of A$11.7 million (C$10.7m).
Jumbo said the acquisition marks another key strategic step in its international expansion strategy, following the purchase of Gatherwell in November 2019.
Calgary-based Stride provides services to over 750,000 active lottery players in Alberta and Saskatchewan. The deal will enable Jumbo to move into the Canadian charity lottery market for the first time.
Terms of the deal state that 70 per cent of the purchase price will be paid in cash on completion, while the remaining 30 per cent will be payable in cash in two instalments in FY22 and FY23, subject to earnings hurdles being met.
Stride’s president Dean Faithfull and three key senior managers will remain with Stride post completion. Subject to approval from the Alberta and Saskatchewan Gaming Regulator’s, the deal is expected to go through before the end of 2021.
“The acquisition will significantly add scale to our managed services business and gives us a strategic foothold to grow in the Canadian charity lotteries market,” Veverka said. “Stride has a proven track record working with charitable organisations for over 20 years and we look forward to supporting the not-for-profit sector in Canada in meeting the challenges from Covid-19 and digitising their fundraising programs utilising Jumbo’s world leading software and services.
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