Acquisition of mkodo by Pollard Banknote
Award-winning app and digital product provider, and WLA Associate Member, mkodo today announces that it has entered into a binding agreement to be acquired by Pollard Banknote Limited (“Pollard Banknote”).
Pollard Banknote is a leading lottery partner to more than 60 lotteries worldwide, providing high-quality instant ticket products, licensed games, Schafer Systems and Fastrak retail merchandising solutions, and a full suite of digital offerings, ranging from game apps to comprehensive player engagement and iLottery solutions, including strategic marketing and management services.
mkodo co-founders and majority shareholders, Stuart Godfree and Sue Yoxall, had the following comments:
Stuart Godfree said: “We are excited to join the team at Pollard and look forward to expanding our reach in the gaming world in collaboration with our new colleagues. Not only do we see a great cultural fit with the two organizations but joining the leading lottery partner will allow mkodo to take the next step in its ongoing evolution as the foremost supplier of mobile lottery solutions in the world.”
Sue Yoxall added: “We have grown mkodo organically over the past 18 years into a market-leading technology player in the betting, gaming and lotteries sector. Pollard Banknote is an excellent fit with mkodo at this stage in our development – having the longevity of experience, excellence in product range, and an understanding of the value their team members and partnership relations. We believe that together we will be able to leverage our complementary capabilities to bring innovative and exciting digital products and apps to the global lotteries industry.”
“We are very excited to have the talented mkodo team join Pollard and we look forward to bringing their proven gaming-focused technology and vast experience to the lottery industry and other markets”, stated Doug Pollard, Co-Chief Executive Officer, Pollard Banknote. “Working alongside our existing lottery resources within Pollard, we will be able to expand mkodo’s reach into some of the leading lotteries worldwide. At this current time of heightened digital focus and rapid development within lotteries and gaming organizations, being able to bring to our current and future customers the technological and customer-facing expertise of mkodo is a game-changer. Particularly in light of ongoing regulatory changes in app requirements, mkodo and Pollard now stand ready to lead the lottery and gaming industry to first in class solutions in the mobile environment.”
Pollard Banknote will pay an initial purchase price of £7.8 million prior to standard working capital adjustments plus further potential earn-out payments based on mkodo meeting future EBITDA targets. Completion of the transaction is subject to certain regulatory and third-party approvals.