Elys Acquires Software Engineering and IT Development Firm Engage IT Services, S.r.l.
February 02 2023 - 08:00AM
Elys Game Technology, Corp. (“Elys" or the “Company") (Nasdaq:
ELYS)(BER:3UW), an interactive gaming and sports betting technology
company, today announced that it has completed the acquisition of a
premium software engineering and IT development firm, Engage IT
Services, S.r.l. (“Engage”). The firm offers best-in-class
development of sportsbook and gaming applications for cloud, web,
and mobile platforms, user experience development, customized
business intelligence, digital transformation consulting,
end-to-end project and product management, Microsoft solutions, and
other engineering and development projects. The integration of the
Engage team within our organization will greatly enhance our
in-house engineering capabilities and addresses the abundance of
incoming business, including the development of our US product
offerings which includes retail opportunities and mobile solutions
as well as the development of our global virtual gaming platform
and global mobile solutions, while streamlining our current group
engineering projects.
On the same day the Company also obtained
long-term commitments of 6 key IT, engineering, and risk and
project management employees through the issuance of incentive
shares vesting monthly over a period of 3 years.
“With the acquisition of Engage we fulfill our
strategy of creating a prominent in-house engineering base for the
Group. Engage brings the perfect blend of engineering excellence,
overlapping corporate culture, and regional presence that we are
confident will make a lasting positive impact on Elys, leveraging
off their resources and years of experience to expand our service
offerings and to enhance our services to our customers and
employees,” stated Michele Ciavarella, Executive Chairman of Elys
Game Technology. “Prior to the acquisition of Engage, our global
team of strategists, designers, and technologists had worked almost
exclusively with Engage to create powerful digital experiences for
users and platforms that were designed to facilitate rapid
development and delivery of customized sportsbook applications. We
believe that, after the close collaboration that we have had with
the Engage team, that this acquisition was a natural progression
for Elys in its journey to become a leading provider of end-to-end
sportsbook solutions for both B2B and B2C customers.”
Founded in 2016 and based in Italy, Engage
employs 30 experts including architects, developers and software
engineers that specialize in the design, implementation and
management of SQL databases, agile and DevOps project management,
and solutions based on the Microsoft cloud platform (Azure) and in
the development of .NET applications, primarily focused on sports
betting and gaming systems. Engage has also provided contract
services to Elys, playing a key role in the development of our Elys
Gameboard sportsbook technology and Player Account Management
Platform (PAM), and has a deep knowledge base of Elys’ Gameboard
architecture and currently monitors system loads to ensure seamless
performance of the Company’s cutting-edge sportsbook.
The deal is structured as an equity acquisition
of 100% of the shares of Engage such that Engage will become a
wholly owned subsidiary of Elys upon the terms and subject to the
conditions set forth in the Share Purchase Agreement (“Agreement”).
The current Engage and Elys leadership and management team will
remain in their current roles and their interest are aligned with
that of our shareholders due to the equity nature of this
transaction. Pursuant to the Agreement, Elys will issue
approximately 3,018,462 shares of common stock (“Shares”), valued
at €1.08 million, which purchase price may be increased or
decreased dependent upon the net financial position of Engage as
determined by due diligence, on or prior to June 30, 2023. Subject
to the repurchase option set forth in the Agreement, the Sellers
will be restricted from disposing of the Shares for 36 months and
the Company may repurchase the Shares issued for €1.08 million in
cash up to June 30, 2023.
About Elys Game Technology, Corp.
Elys Game Technology, Corp., is a B2B global
gaming technology company operating in multiple countries
worldwide, with B2C online and land-based gaming operations in
Italy. Elys offers its clients a full suite of leisure gaming
products and services, such as sports betting, e-sports, virtual
sports, online casino, poker, bingo, interactive games and slots in
Italy and has operations in five states as well as the District of
Columbia in the U.S. market. Elys' vision is to become a global
leader in the gaming industry through the development of pioneering
and innovative technology.
The Company provides wagering solutions,
services online operators, casinos, retail betting establishments
and franchise distribution networks. Additional information is
available on our corporate website at www.elysgame.com.
Investors may also find us on Twitter
@ELYS_gaming.
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements are identified by the use of the words “could,”
“believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,”
“continue,” “predict,” “potential,” “project” and similar
expressions that are intended to identify forward-looking
statements. These forward-looking statements are based on
management's expectations and assumptions as of the date of this
press release and are subject to a number of risks and
uncertainties, many of which are difficult to predict that could
cause actual results to differ materially from current expectations
and assumptions from those set forth or implied by any
forward-looking statements. Although the Company believes such
forward-looking statements are based on reasonable assumptions, it
can give no assurance that any of its expectations will be
attained. Important factors that could cause actual results to
differ materially from current expectations include, among others,
the Company’s ability to fulfill our strategy of creating a
prominent in-house engineering base, the transaction making a
lasting positive impact on Elys, the Company’s ability to expand
our service offerings and to enhance our services to our customers
and employees, for the acquisition to be a natural progression for
Elys in its journey to become a leading provider of end-to-end
sportsbook solutions for both B2B and B2C customers, the duration
and scope of the COVID-19 outbreak worldwide, including the impact
to state and local economies, and the risk factors described in the
Company's Annual Report on Form 10-K for the year ended December
31, 2021 and its subsequent filings with the U.S. Securities and
Exchange Commission, including subsequent quarterly reports on Form
10-Q and current reports on Form 8-K. The information in this
release is provided only as of the date of this release, and the
Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events,
except as required by law.
Company Contacts:Elys Game Technology,
Corp.Investor RelationsTel.: 1-561-838-3325Email:
i.relations@elysgame.com
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