Vitruvian Acquires Control of Gambling Software Firm OpenBet

Published Thursday, January 13, 2011 - Online-Casinos.com

Orbis Technology the software developer and supplier was founded in 1996 and changed it’s corporate name to OpenBet just last year has been acquired by private equity firm Vitruvian for £208m in a cash management buyout.
The company supplies software to some of the online gambling industry’s largest operators such as William Hill, Ladbrokes and Betfair.
Chief Executive Officer of OpenBet, David Loveday, confirmed the take over recently.
Vitruvian Partners is an independent private equity firm that specialises in middle-market buyouts, growth buyouts and growth capital investments in the UK and elsewhere in Northern Europe.
Open Bet is an NDS subsidiary which is the leading provider of technology solutions for digital pay TV. The completion of the transaction is conditional upon the receipt of certain regulatory approvals. At completion, Vitruvian will assume a majority holding in OpenBet with the remaining stake held by OpenBet Management. David Loveday, and the existing senior management team will continue in their roles.
Abe Peled, Chairman and Chief Executive Officer of NDS commented on the deal, “We have taken great pride in supporting the continued growth of OpenBet and its transformation into a leading provider of technology solutions to the gaming industry. The sale of OpenBet will help accelerate that growth in a consolidating market and allow NDS to focus further on continued growth in our core market, the digital pay-TV technology sector”.
Mr. Loveday also made a statement regarding the transaction, “Vitruvian have a deep understanding of our business in both the online gaming and retail sectors. Their backing will enable OpenBet to continue to grow its business worldwide, with both existing customers and future opportunities.” Loveday continued, “As the leader
in its field, the support and technical expertise of NDS has been invaluable to the success of OpenBet. This transaction will help ensure that OpenBet remains at the forefront of online and retail technology for the gaming industry both in terms of the solutions it offers and services.”

 

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