Online gaming software developer Playtech plc (LSE:PTEC), controlled by Teddy Sagi, today notified the London Stock Exchange (LSE) that it is acquiring technology, IP and assets (together 'the assets') from ACM Group for up to $150 million. The acquisition will enhance Playtech Financials Division's B2B offering.
Following the acquisition, a team from Alpha will join Playtech unit TradeTech Group and the brand TradeTech Alpha will be created to deliver a bespoke risk management and trading solution to B2B customers. Playtech also announced that its Financials Division will be known as TradeTech Group to better reflect the full capabilities of the businesses within the division and align its brand recognition throughout the industry.
Playtech Financials Division TradeTech Group CEO Ron Hoffman said "This is a significant step in the evolution of TradeTech. The financial trading industry is driven by the core capabilities of platform technology, customer acquisition and retention, CRM management, and financial trading and risk management expertise. The acquisition of Alpha's high-quality technology and teams of industry experts will significantly deepen our expertise in trading and risk management, allowing TradeTech Group to offer a full turnkey solution to B2B clients across the industry.'
Alpha (ACM) CEO Muhammad Al-Amin Rasoul said, "This is a natural fit for Alpha. The strength of TradeTech Group's management team and asset base will provide us with a platform to grow our offering with TradeTech Alpha. Not only does TradeTech offer everything that you need for a complete B2B solution for brokers, but you can get that solution from the most financially secure company in the industry. We could not be happier to join the family and start this next exciting chapter at TradeTech Group with the newly launched TradeTech Alpha brand."
Published by Globes [online], Israel business news - www.globes-online.com - on August 23, 2017
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