Elys Game Technology Corp (NASDAQ: ELYS) is engaged as a global interactive gaming and sports betting technology company. Shares of the gaming company are rallying 43% through early trading on Thursday, February 2, 2023. Over the past three months, Elys Game Technology Corp has seen average daily volume of 3.30 million shares. However, volume of 39.71 million shares or dollar volume of around $42.49 million, has already exchanged hands through early trading.
Shares of Elys Game Technology Corp are gaining after the company announced it has completed the acquisition of Engage IT Services, S.r.l., a premium software engineering and IT development firm. Engage IT has an established reputation as being a top developer of sportsbook and gaming apps for the cloud, web and mobile platforms. The IT developer also has experience in digital transformation consulting, project & product management, Microsoft integrations, and more.
The acquisition by Elys will help to bolster their in-house engineering capabilities and help address “the abundance of incoming business,” according to the company. Elys Game Technology also sees the acquisition as a key component for its plans to build a global virtual gaming platform.
Engage IT Services was originally founded in 2016 and is based out of Italy. The IT developer employs 30 employees across various specializations: architects, developers, software engineers, and more.
The acquisition was structured to be equity-based under a Share Purchase Agreement. Under the agreement, Elys will issue 3,018,462 shares of common stock, valued at 1.08 million Euro. Engage will now become a wholly owned subsidiary of Elys.
“With the acquisition of Engage we fulfill our strategy of creating a prominent in-house engineering base for the Group. Engage brings the perfect blend of engineering excellence, overlapping corporate culture, and regional presence that we are confident will make a lasting positive impact on Elys, leveraging off their resources and years of experience to expand our service offerings and to enhance our services to our customers and employees,” stated Michele Ciavarella, Executive Chairman of Elys Game Technology. “Prior to the acquisition of Engage, our global team of strategists, designers, and technologists had worked almost exclusively with Engage to create powerful digital experiences for users and platforms that were designed to facilitate rapid development and delivery of customized sportsbook applications. We believe that, after the close collaboration that we have had with the Engage team, that this acquisition was a natural progression for Elys in its journey to become a leading provider of end-to-end sportsbook solutions for both B2B and B2C customers.”
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