Shares of digital lottery and sports entertainment technology provider Lottery.com Inc. (NASDAQ:LTRY) are surging on Friday.

The company has signed a Memorandum of Understanding with PlusEVO Ltd. to acquire an advanced lottery management system and gaming platform.

The acquisition involves an all-stock transaction worth $1.5 million, to be paid over 30 months, with each share valued at $3.

This acquisition will bolster Lottery.com’s strategy for international growth, emphasizing a tailored user experience while ensuring compliance with all necessary regulations.

The newly acquired platform will facilitate a range of gaming applications, such as lottery and sweepstakes, providing a more streamlined user experience.

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“This acquisition strengthens our long-term position, giving us the flexibility and control to accelerate our expansion into Europe, Africa, and other emerging markets,” said Chairman Matthew McGahan.

The acquisition aligns with Lottery.com’s objective to begin generating revenue from international markets by March 31, 2025.

By taking full ownership of its proprietary technology stack, the company intends to boost operational efficiency, improve profit margins, and foster long-term growth.

The system is designed with a microservices architecture, ensuring it is scalable, highly available, and efficient in resource management.

The technology boasts several key features, including Kafka-powered event processing, which reduces latency and enhances system responsiveness. The platform also prioritizes security with advanced internal communication protocols to protect data integrity.

Eliminating the need for third-party licensing agreements, Lottery.com plans to customize its technology to meet the demands of global markets.

The company held $60.4 million in cash and equivalents as of September 30, 2024.

Price Action: LTRY shares are trading higher by 18.8% at $1.675 at the last check Friday.

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This article Lottery.com Bets Big On International Growth With New Gaming Tech Acquisition; Stock Jumps originally appeared on Benzinga.com

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