Sportech acquires Data Tote

27th Sep 2013 14:58

Gambling company Sportech has acquired Data Tote, which provides on-track and online greyhound and horse racing betting services in Europe, for 3.1m pounds.Following completion of the acquisition, Sportech will exclusively provide betting services to 41 of the 43 greyhound tracks in the UK and Ireland.The acquisition, which will be funded from Sportech's existing banking facilities, is expected to be earnings enhancing in its first full year of ownership. "I am delighted that Sportech has acquired a highly innovative organisation with a talented management team and a wide European customer base," said Chief Executive Officer, Ian Penros. "This complementary business will strengthen and augment our global operations and widen our distribution in Europe."Data Tote achieved a turnover of £2.2m, earnings before interest, tax, depreciation and amortisation (EBITDA) of £0.4m and a profit before tax and exceptional items of £0.2m for the year to end of June. Revenues and EBITDA are expected to grow after securing a number of significant contracts this year.RD