Spectra buys up fraud detection assets

Banknote authentication technology firm Spectra Systems said it had boosted its international customer base after buying assets from a gaming software firm.

The company has spent $0.75m on buying proprietary source codes, multi-year contracts and long-standing customer relationships from US-based Lapis Software Associates.

Spectra said Lapis was a leader in the gaming software industry and had a 15% worldwide market share of the Internal Control Systems (ICS) segment.

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ICS is a secure, high speed data platform which has an independent security role in auditing online and other gaming systems.

It provides tools for fraud detection, money laundering, match fixing, and statistical analysis.

"The acquisition of the Lapis ICS Business adds to the international customer list we acquired in the ICS area when we recently purchased the majority of ESI Integrity's assets," said Chief Executive Nabil Lawandy.

"With the acquisition of the Lapis ICS Business, Spectra will have over 30% market share in gaming applications of ICS and will be one of the two remaining major suppliers providing such security technology to lotteries worldwide," he added.