Lottomatica subsidiary Gtech and Medstroms AB have made a public cash offer to acquire all outstanding shares of software developer Boss Media. Under terms of the offer, the pair – through a jointly-owned bid vehicle – have offered SEK19 in cash per outstanding share, giving Boss Media an enterprise value of SEK 937 million.
Gtech president and CEO Jaymin B. Patel said, "The acquisition of Boss Media is an important element of Gtech's growth strategy. At the same time, we view ourselves as being the perfect partner for Boss Media in accelerating the roll-out of their cutting-edge systems for internet-based gaming, as we can offer a global market presence and a customer base consisting of a significant portion of Boss Media's targeted leads."
Medstroms is currently the largest shareholder of Boss Media with a 12.5 per cent stake.
CFO Jan Westholm said, "When combined with Gtech, Boss Media will be afforded access to World Lottery Association (WLA) customers in all parts of the world, which we believe will facilitate a faster roll-out of Boss Media's products and services on a global scale. Medstroms participated in the founding of Boss Media in 1997, and has been supporting the company as its largest shareholder since that time. We view this transaction as the optimal way forward for Boss Media, and we want to continue to contribute to their future growth in a privately-held environment."