March 18, 2020 @ 12:38 by Richard Dawson
A major German gaming firm has acquired a “significant majority stake” in a Gosforth-based software company.
Gauselmann Group, a family-owned international gaming and gambling software company, has snapped up the stake in the gaming platform provider Bede Gaming for an undisclosed sum.
Bede Gaming, based at Great Park in Gosforth, develops and markets online gambling game platforms for casinos and sports betting and lottery offerings.
Gauselmann Group, which launched in Germany in the 1950s, is now Bede’s new majority shareholder, although Bede’s management team will retain a stake in the business.
The German software giant is hopeful that the deal will further enhance its digital offering and create new opportunities for the opening of the German online gaming market from 2021.
Gauselmann Group also hopes to secure a foothold in the North American lottery market, in which Bede Gaming is an important partner to the Ontario Lottery and Gaming Corporation (OLG), after winning a contract to overhaul its online offering in September 2018.
CEO and founder of the Gauselmann Group Paul Gauselmann commented: “Bede’s technological expertise is very impressive and its highly complex solutions are first choice for leading gaming companies not only in the UK, but around the world.
“This acquisition will allow us to significantly broaden the existing technology base within the Group and at the same time enable us to offer it to our customers and partners.”
It will be business as usual at Bede following the acquisition, with the firm continuing to operate as before within Gauselmann Group, maintaining offices in Newcastle, as well as international offices in Sofia and Toronto.
Joe Saumarez-Smith, chairman at Bede Gaming, said: “We are delighted that the Gauselmann Group has acquired a majority stake in Bede.
“Gauselmann’s long-term prospects and financial strength will allow us to further enhance our range of products and services to existing customers as well as win new business partners.”
Oakvale Capital served as financial advisor to Bede in connection with the transaction, with CMS acting as legal advisor and BDO providing tax advice.
The Gauselmann Group was advised by Addleshaw Goddard and Grant Thornton.