SBC and Gaming&Co have exclusively revealed that EveryMatrix has acquired solutions provider FSB Technology in an all-cash deal for an undisclosed sum.
As a result of the acquisition, EveryMatrix is working to migrate FSB’s clients onto its proprietary turnkey technology. This includes Player Account Management, OddsMatrix sportsbook, casino aggregation and its CasinoEngine productivity platform.
An EveryMatrix spokesperson said the acquisition would “further bolster OddsMatrix and build on its best ever financial year”, generating immediate additional revenues, cross-company synergies and establishing a presence in the UK, Ireland and Africa where FSB has developed strong market share.
Oakvale Capital has been driving the FSB sales push for the past few months and is understood to have reached an agreement with EveryMatrix.
The agreement marks the completion of a project to sell FSB, in which stakeholders originally sought a £20m valuation for the provider.
OddsMatrix achieved its best year in 2023, setting record growth, profitability and a record number of bets for tier-1 customers. This included a 75 per cent year-on-year rise in total bets, profitability up 90 per cent, while live events rose 31 per cent to more than 1.8 million for the year.
Ebbe Groes, CEO of EveryMatrix, has previously underscored the importance of accelerating the sportsbook capacity of OddsMatrix, helping the company achieve its objective to become igaming’s most comprehensive technology supplier and fastest-growing company.
Groes said: “This is our most ambitious acquisition to date, by value, size and complexity. This transaction facilitates our long-term growth strategy of entering and growing within a greater number of regulated markets, including the UK, Ireland and Africa, where many FSB clients operate.
“It also allows us to accelerate this process, diversifying our customer and revenue profiles, while simultaneously migrating customers to a stronger, high-performing product proven to deliver exceptional results.”
FSB is a longstanding provider of wagering solutions that was founded in 2007 by David McDowell. In 2019, the Canadian private equity fund Clairvest gained a majority stake in the tech group for £23m.
McDowell left the company last year, while FSB’s most recent accounts show that annual revenues were up 19 per cent to £11m, but pre-tax losses had increased 60 per cent to £22m.
