Betmakers Technology Unit Makes AU$1.5 Million Tech Acquisition; Shares up 5%

MT Newswires Live

02-06

Betmakers Technology (ASX:BET) unit BetMakers MTC has acquired intellectual property and software from Protocol Zone for a total consideration of AU$1.5 million, the company said in a Thursday Australian bourse filing.

Out of the total of AU$1.5 million, Betmakers will pay AU$100,000 in cash upon certain BetMakers products going live but no later than April 7 and another AU$100,000 in company shares. The remaining $1.3 million will be paid in monthly installments from a percentage of increased net revenues generated by the new GTX software and related products using the intellectual property, per the filing.

Protocol Zone Managing Director Kartik Modi has agreed to a three-year exclusive contract with BetMakers as their Country Manager in India, where he will oversee operations and explore opportunities in the Asia region, the filing added.

Company shares were up nearly 5% in recent Thursday trade.

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