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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
-
Four AI ETFs to buyIs now a good time to buy AI ETFs? We examine four AI ETFs that investors might want to add to their portfolio
-
Chase boosts easy-access interest rate - savers could earn 4.75%Chase is offering a boosted interest rate which is fixed for six months, on top of the standard variable rate
