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Esports Entertainment Group to Acquire Bet Exchange Software Company
Oct. 05, 2017 09:51AM PST
Emerging TechnologyEsports Entertainment Group (OTCQB:GMBL) has announced it has executed a letter of intent to acquire all of the issued and outstanding securities of Ardmore Investments SP.Z O.O., a subsidiary of Swiss Interactive Software GmbH. As quoted in the press release: ACQUISITION OF SOURCE CODE Swiss Interactive’s Ardmore is the developer and owner of the source …
Esports Entertainment Group (OTCQB:GMBL) has announced it has executed a letter of intent to acquire all of the issued and outstanding securities of Ardmore Investments SP.Z O.O., a subsidiary of Swiss Interactive Software GmbH.
As quoted in the press release:
ACQUISITION OF SOURCE CODE
Swiss Interactive’s Ardmore is the developer and owner of the source code of the Bet Exchange Software utilized to create the Company’s Esports wagering platform, as well as, other gaming and gambling software. Given the imminent launch of the Esports wagering platform, as well as, the Company’s online gaming expansion plans for the foreseeable future, Esports Entertainment Group made the strategic decision to acquire Ardmore in order to protect the source code from potential competitors and to acquire a proven development team.
Grant Johnson, CEO of Esports Entertainment Group, stated, “Owning our bet exchange technology and acquiring the development team behind it significantly strengthens our position within the Esports wagering space. As we are on the verge of launching the world’s first, most secure and transparent Esports bet exchange, the time was right to acquire the core technologies supporting our disruptive business model.”
In connection with the acquisition, the Company will issue 1,750,000 common shares and pay USD $250,000. Ardmore is a Polish corporation with offices in Warsaw, Poland. The transaction is expected to close within four weeks.