EveryMatrix Strengthens Portfolio with FSB Technology Buy
iGaming software company EveryMatrix has reportedly acquired FSB Technology, a sportsbook solutions supplier, in a deal involving an undisclosed amount of cash.
EveryMatrix believes FSB acquisition will enhance OddsMatrix's capabilities and increase revenue.
LISTEN TO THIS ARTICLE:EveryMatrix finalized the acquisition yesterday, July 4, and is now integrating FSB's clients into its own technology platform featuring Player Account Management, OddsMatrix sportsbook, casino aggregation, and CasinoEngine.
The deal marks the end of a months-long sales process for FSB Technology led by Oakdale Capital, which is noted to have brokered the agreement with EveryMatrix.
FSB Sees Mixed Financial Results
Founded by David McDowell in 2007, FSB Technology is a leading provider of wagering solutions and sportsbook platforms. In 2019, FSB received a significant dose of funding when Canadian private equity firm Clairvest acquired a majority stake in the company for £23 million.
In 2023, FSB reported a 19% increase in annual revenues to £11 million. However, pre-tax losses also rose by 60% to £22 million. McDowell also left the company in the same year.
While the final sale amount was not made public, stakeholders initially valued FSB at £20 million. The provider's clients include Fitzdares, Baltics bookmaker OlyBet, and African brands like Nairabet and Paribet.
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FSB to Enhance OddsMatrix’s Functions
According to an EveryMatrix spokesperson, the acquisition will significantly improve OddsMatrix's capabilities "and build on its best-ever financial year." It will also expand the brand's presence in the UK, Ireland, and Africa, where FSB has a substantial market share.
Last year, OddsMatrix recorded its most successful year to date, with a 75% year-on-year increase in bets, 90% profit growth, and over 1.8 million live events. The platform also witnessed an all-time high number of bets from tier-1 customers.
Over the past two years, OddsMatrix has expanded its sportsbook portfolio by securing partnerships with top-tier brands like US Integrity, TippmixPro, the online arm of Hungary's national lottery company (SZRT), and Bet-at-Home, a leading sportsbook operator in Germany and Europe.
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