Sportech put up for sale by board

governance committee of sports betting technology provider Sportech PLC have announced that they are putting the entire company up for sale, following a strategic review of its business. London investment firm Canaccord Genuity has been confirmed as the firms lead financial adviser and will work alongside Sportech’s Takeover Panel to review submitted bids with the aim of maximise the return to the firm’s investors. Following the completion of its strategic review, instigated earlier this year, Sportech have confirmed that they have received preliminary approaches from four companies but no formal discussions have been held. In a statement, Richard McGuire, non-executive Chairman of Sportech, commented: “We announced last month a comprehensive strategic review to assess options to enhance shareholder value. Further to this investigation, we have today launched this formal sales process.” “Whilst we note there is no certainty that an offer, or suitable offer, will be forthcoming, our confidence in our businesses, in our growth opportunities and in our dedicated professional colleagues means that a potential sale is only one of the strategic options open to the Company.” In September, Sportech Chief Executive Ian Penrose and Chief Financial Officer Mickey Kalifa announced their resignations, with Penrose due to leave Sportech at the end of the year. Sportech has more than 27,000 betting terminals deployed with 400 clients across 37 countries including those in the USA, where it operates under 26 licenses across 37 States and processes approximately $11 billion of bets annually.