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    mobile investing

    Breaking Data to Acquire Oryx Gaming for C$11.5 Million

    Bala Yogesh
    Aug. 22, 2018 04:20PM PST
    Emerging Technology
    TSXV:BKD

    Breaking Data, a company engaged in artificial intelligence services, will acquire all of Oryx’s shares in addition to issuing earn-out payments based on its business performance.

    Breaking Data (TSXV:BKD) announced on Wednesday (August 22) that it has entered into a transaction agreement to acquire all of the shares of Oryx Gaming for C$11.5 million.

    Under the transaction agreement, Breaking Data, a company engaged in artificial intelligence services, will acquire all of Oryx’s shares in addition to issuing earn-out payments based on its business performance.

    Breaking Data, the owner of GIVEMESPORT, a platform for sports news based on semantic machine learning, will initially pay C$2.2 million on the signing of share purchase agreement and C$6.2 million on the closing of the transaction.

    Oryx Gaming, an i-Gaming and turnkey solutions provider offering a diverse portfolio of lottery and casino products with over 5000 titles, is expected to renamed as Bragg Gaming Group after the transaction is completed. Based in US and Malta, Oryx is headquartered in Ljubljana, Slovenia and has a subsidiary in the country.  

    The transaction is subjected to approval of 50 percent common shareholders of Breaking Data along with TSX Venture approval and is subjected to financing which the company indicated that it could be equity, debt or combination of both.

    “We are pleased to have reached an agreement with Oryx Gaming that will see the beginning of our transition into the highly lucrative gaming and sports betting markets,” Nick Thain, CEO of Breaking Data, said in the release. “This transaction marks an important milestone in our strategic transition into becoming a next generation gaming company.”

    It was also noted that Dominic Mansour will become chief executive of the company. Mansour is a chief  former executive of the UK’s Health Lottery and has 20 years experience in media and gaming companies.

    “The acquisition of Oryx is the first step on the road to the creation of a new global gaming group. We plan to follow this with other acquisitions in the gaming sector as we position Bragg Gaming as a next generation gaming company,” Mansour said in a release. “The newly combined group will now have the opportunity to grow into gaming and to leverage synergies through the combination of the businesses.”

    In addition to the Oryx Gaming transaction, Breaking Data revealed its plans to launch GIVEMEBET, a new online sports betting brand. The company which is targeting the lucrative betting market said that additional details will be announced at a later date but expressed that it will be on the lines of the “Sky Betting and Gaming” platform. The Sky Betting and Gaming platform was built by SkySports and was recently acquired for US$4.7 billion by The Stars Group.

    Following the announcements, shares of Breaking Data gained 10.81 percent to close the trading session on Wednesday at C$0.82. The stock had a volume of 200,000 over the one day period. On TradingView, the stock has a “Buy” ranking with 10 verticals in favor, 10 in neutral and six against.

    Don’t forget to follow us @INN_Technology for real-time news updates!

    Securities Disclosure: I, Bala Yogesh hold no direct investment interest in any company mentioned in this article.

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