UK – mkodo acquired by Pollard BanknoteBy William - 4 December 2019
mkodo, the app and digital product provider, has announced it has entered into a binding agreement to be acquired by Pollard Banknote Limited.
Pollard Banknote is a lottery partner to more than 60 lotteries worldwide, providing instant ticket products, licensed games, Schafer Systems and Fastrak retail merchandising solutions, and a full suite of digital offerings, ranging from game apps to comprehensive player engagement and iLottery solutions, including strategic marketing and management services.
Stuart Godfree, mkodo co-founder and majority shareholder, said: “We are excited to join the team at Pollard and look forward to expanding our reach in the gaming world in collaboration with our new colleagues. Not only do we see a great cultural fit with the two organizations but joining the leading lottery partner will allow mkodo to take the next step in its ongoing evolution as the foremost supplier of mobile lottery solutions in the world.”
“We have grown mkodo organically over the past 18 years into a market leading technology player in the betting, gaming and lotteries sector,” added Sue Yoxall, mkodo co-founder and majority shareholder. “Pollard Banknote is an excellent fit with mkodo at this stage in our development – having the longevity of experience, excellence in product range, and an understanding of the value their team members and partnership relations. We believe that together we will be able to leverage our complementary capabilities to bring innovative and exciting digital products and apps to the global lotteries industry.”
Pollard Banknote will pay an initial purchase price of £7.8 million prior to standard working capital adjustments plus further potential earn-out payments based on mkodo meeting future EBITDA targets. Completion of the transaction is subject to certain regulatory and third-party approvals.
“We are very excited to have the talented mkodo team join Pollard and we look forward to bringing their proven gaming focused technology and vast experience to the lottery industry and other markets”, explained Doug Pollard, Co-Chief Executive Officer at Pollard Banknote. “Working alongside our existing lottery resources within Pollard, we will be able to expand mkodo’s reach into some of the leading lotteries worldwide.
“At this current time of heightened digital focus and rapid development within lotteries and gaming organizations, being able to bring to our current and future customers the technological and customer facing expertise of mkodo is a game changer. Particularly in light of ongoing regulatory changes in app requirements, mkodo and Pollard now stand ready to lead the lottery and gaming industry to first in class solutions in the mobile environment.”