2nd Aug 2016 11:07
LONDON (Alliance News) - Bookmaker William Hill PLC on Tuesday said it has agreed to pay GBP13.6 million to acquire digital gaming software company Grand Parade Ltd for GBP13.6 million in cash and shares.
Grand Parade, which has offices in Bermondsey in south London and Krakow in Poland, makes apps, websites and e-commerce platforms for sports betting, gaming and media companies.
As part consideration for the acquisition, William Hill will issue 495,048 shares to Grand Parade, with the rest made up in cash.
"Bringing the Grand Parade team into William Hill will rapidly ramp up the scale of our development team by backfilling existing resource gaps and also enhance our creative capabilities," said Philip Bowcock, William Hill's interim chief executive.
"This enables us to capitalise on the potential of our Trafalgar front-end platform by accelerating our product development and also to support the work with OpenBet to build our new back-end platform," Bowcock added.
Shares in William Hill were down 0.4% to 308.7 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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