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B2B online gambling software provider EveryMatrix has acquired FSB Technology, a London-based full turnkey sportsbook supplier.

The all-cash deal is set to bolster the capabilities of OddsMatrix, EveryMatrix’s sportsbook platform and odds feed division.

The acquisition is also expected to generate “immediate additional revenues,” EveryMatrix said, while creating new synergies between the two companies.

In addition, acquiring FSB “firmly establishes a presence in the UK, Ireland and Africa” for EveryMatrix.

FSB was founded in 2007 by GAN co-founder David McDowell and its former CTO, Sam Lawrence. The company offers full end-to-end turnkey solutions, including player account management (PAM), sports betting and online casino platform solutions.

Following the acquisition, EveryMatrix is set to “incorporate key FSB features into its offering, including what has been recognised as one of the strongest horse racing products among sportsbook providers,” it said.

FSB customers will be migrated to OddsMatrix, providing them with access to the firm’s odds feeds and technology.

According to EveryMatrix, OddsMatrix achieved its best-ever year in 2023, with the number of total bets processed rising 75% year-on-year, and profitability up by 90%.

Deal commentary

“I’m delighted to announce our purchase of FSB Technology and I’m proud of the EveryMatrix team that has been involved in making this deal happen so effortlessly,” said Ebbe Groes (pictured), group CEO of EveryMatrix, adding that it was “our most ambitious acquisition to date.”

“This transaction facilitates our long-term growth strategy of entering and growing within a greater number of regulated markets, including the UK, Ireland and Africa, where many FSB clients operate,” Groes added.

“It also allows us to accelerate this process, diversify our customer and revenue profiles, while simultaneously migrating customers to a stronger, high performing product proven to deliver exceptional results.”

FSB Technology CEO Adam Smith added: “FSB has achieved a lot over the last 18-20 months including expansion into new markets and launching innovative propositions.

“Joining together with EveryMatrix represents another major milestone for FSB. We are delighted and excited by the new opportunities this deal could create, through the sharing of our unique capabilities as well as accelerating the growth of FSB’s existing partners.”

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