Playtech continues FX expansion with Ava Trade $105 million acquisition

Gambling technology provider Playtech Plc continues its expansion into the financial trading markets, with the announcement that it has acquired currency trading platform Ava Trade for a sum of $105 million (£67 million).

The technology provider will utilise the acquisition to expand the development of its financial trading platform and further its client services.

In April Playtech began its initial foray into the financial trading market by acquiring forex trading platform Trade FX for $224 million. The London listed firm is still on the hunt for Israeli financial trading operator Plus500, having submitted a £460 bid this June.

Playtech governance further detailed that the technology provider had been granted €200 million in unsecured credit facility provided by Barclays Bank and the Royal Bank of Scotland (RBS).

Commenting on the acquisition of Ava Trade Playtech CEO Mor Weizer stated

“The acquisition of the Ava Trade is another important milestone in Playtech’s strategy to expand and enhance its overall technology offering through multiple vertical markets. Since the recent earnings-enhancing acquisition of TradeFX and the creation of our financials division we have sought further opportunities to broaden our reach into this vertical,