Prodapt, the leading consulting, technology & managed services provider to the Connectedness vertical, announced that it has acquired Innovative Logic, a Silicon Valley-based hi-tech services company building next-generation solutions for global digital platform players. Innovative Logic works with leading operators of the connected economy – including several FAANG, and leading global digital platform companies.
With the burgeoning demand for hi-tech services arising due to the explosive growth of 5G, IoT, AR/VR, the acquisition will enable Prodapt to play a vital role in the early stages of the innovation cycle, acquire new capabilities, and deepen relationships with digital platform companies in the connectedness industry.
“Innovative Logic has built an impressive business with a marquee customer base and we’re excited to welcome them to the Prodapt family,” said Vedant Jhaver, Chairman and CEO, Prodapt. “Our combined expertise in the hi-tech services will help to strengthen our capability and relationships with some of the leading creators of the hyper-connected world,” he added.
Innovative logic’s systems design capabilities in silicon (SoC, ASIC, FPGA) & software (Embedded, Firmware, IoT) complements Prodapt’s vision of Connectedness to play an end-to-end role that enables communications, collaboration, and entertainment. The expanded capability will help Prodapt provide services right from the device to the edge and the cloud.
“Joining Prodapt is a great cultural fit for the Innovative Logic team, given our shared belief to enable, integrate and build solutions using next-gen technologies,” said Dinesh Tyagi, President & CEO, Innovative Logic. “We can now scale and deliver a more powerful proposition to customers spanning across consulting, embedded systems design to operations and digital business outcome-driven solutions.”
Prodapt has a singular focus on the Connectedness vertical. Prodapt’s customers range from telecom operators, digital / multi-service providers (D/MSPs), technology and digital platform companies in the business of connectedness.
Prodapt builds, integrates, and operates solutions enabling next-generation technologies and innovations. Prodapt works with global leaders including AT&T, Verizon, CenturyLink, Adtran, Vodafone, Liberty Global, Windstream, Virgin Media, Rogers, Deutsche Telekom among many others. Prodapt’s customers today help more than a billion people and five billion devices stay connected.
Prodapt has offices in North America, Europe, Latam, India, and Africa. It is part of the 120-year-old business conglomerate, The Jhaver Group, which employs over 22,000 people across 64+ locations globally.
About Innovative Logic:
Innovative Logic is a technology services company delivering design/verification services in ASIC, FPGA, and embedded systems domains. Innovative Logic has been in the business of embedded solutions for 15+ years helping several FAANG and global tier 1 digital platform companies in domains such as Artificial Intelligence, Machine Learning, IoT, SSD, ADAS, networking, video, graphics, etc.
Netrush Acquires Sellozo, AI-driven martech company supporting billions in transactions
Netrush, the eCommerce accelerator partnering with premium brands providing teams, technology, strategy, and infrastructure to thrive on Amazon, has acquired Sellozo in a deal believed essential for supporting today’s digital-first brands.
Sellozo is an AI-driven Amazon PPC software platform engineered to support, automate and optimize global growth, for sellers and vendors across the North American, European, and Asia-Pacific markets.
Netrush will build on the current Sellozo success of innovating to maintain a best-in-class automated ad platform and create new value for existing partners, whilst generating benefits for Sellozo clients in supply chain, creative, data analytics, finance, brand protection and more.
Netrush CEO and Co-founder, Brian Gonsalves says, “The days of blind investment and paying a share of spend are over. With the acquisition of Sellzo alongside our current demand-side-platform advertising, creative and supply chain capabilities we have a truly integrated platform. Marketers can now use the Netrush platform for a full funnel view including brand building, new customer acquisition, repeat customer experience, in-market PPC efficiency, in-the-box experience and loyalty. It is a win-win for all involved.”
Sellozo CEO, Nic Delorme adds “Sellozo saw an opportunity in the market for greater effectiveness in advertising spend while increasing the transparency and accessibility for enterprise brands, as well as the growing number of successful seller entrepreneurs. Joining Netrush is a catalyst moment – combining our teams will spark a flurry of innovation and enhancements to both platforms, resulting in a comprehensive world class ecommerce growth platform.”
Gonsalves concludes “The ecosystem of ecommerce services is highly fragmented. A truly integrated advertising approach needs to work seamlessly with profitability, inventory availability, multi-channel data, and customer lifetime value data. The speed of decision making and the dollars required mean that advertising can no longer be managed off to the side. When advertising actions are continually assessed through transactions then advertising investments can be assessed alongside the many effective levers for growth. Brands need to know where to spend the next dollar of investment and verify the effectiveness of that investment.”
Netrush is an online retailer that partners with premium brands to provide the teams, technology, strategy, and infrastructure needed to thrive on Amazon and other e-commerce platforms. With headquarters in Vancouver, Washington, and processing facilities in Kentucky and Canada, Netrush provides a full suite of capabilities ranging from supply chain to creative services that make brands stand out across the shopping journey.
Sellozo is a platform that enables Amazon sellers and agencies to automate and improve the profitability of Amazon product advertising. The platform includes a machine learning algorithm that determines and sets the optimal bid for every keyword and target every day based on a Target ACoS goal. Every day Sellozo executes over 500,000 bid updates on behalf of their customers and manages over $20M in ad spend every month.
Las Vegas based Scientific Games Announces Sale of Sports Betting Business, OpenBet, to Endeavor for $1.2 Billion
Scientific Games Corporation (NASDAQ: SGMS) (“Scientific Games,” “SGC” or the “Company”) announced that it has entered into a definitive agreement to sell its Sports Betting business, OpenBet, to Endeavor Group Holdings, Inc. (NYSE: EDR), a global sports and entertainment company, in a cash and stock transaction valued at $1.2 billion. Under the terms of the agreement, Scientific Games will receive $1 billion in cash and $200 million in Endeavor Class A common stock based on the volume-weighted average trading price of the Class A Common Stock for the twenty (20) trading days ending on September 24, 2021, subject to customary purchase price adjustments. The transaction is expected to close in the second quarter of 2022, subject to applicable regulatory approvals and customary closing conditions.
OpenBet is one of the world’s leading global online sports betting technology companies, offering an ecosystem of sports content, technology and services to the largest operators around the world. It is the number one business-to-business sports betting partner in the U.S., U.K., Australia and Canada, with a leading position in Europe and APAC. To date, OpenBet has over 75 global customers, including 24 sports books across 12 states and a 100% uptime record across major sporting events.
“This transaction represents the culmination of a thorough process to divest OpenBet in order to maximize value for our shareholders and rapidly advance our vision to become the leading cross-platform global game company,” said Barry Cottle, President and Chief Executive Officer of Scientific Games. “The transaction is a significant milestone towards optimizing our portfolio and de-levering the balance sheet to enhance our financial flexibility. It will position us to invest both organically and inorganically in key growth areas, particularly in content and digital markets. We are delivering on our promises and executing on our strategy to transform our company and unlock significant value for employees, customers and shareholders.”
“We believe Endeavor will enable us to build on our exceptional track record of innovation and reliability and unlock even greater value for our customers and employees,” said Jordan Levin, Chief Executive of Scientific Games’ Digital business. “Endeavor’s deep industry relationships and global reach make them the ideal partner. Together, these companies will be well positioned to capitalize on emerging trends to deliver even more innovative and tailored solutions to customers as we define the future of sports betting entertainment.”
“OpenBet has built an incredible sports betting suite anchored in its best-in-class betting engine and now including expanded content, services and products for sports books and fans,” said Ariel Emanuel, CEO, Endeavor. “This capability set is the ideal complement to our IMG ARENA sports betting business, which works directly with sports rights holders. We look forward to growing these businesses together to capitalize on the strong secular tailwinds in the sports betting ecosystem.”
Oakvale Capital LLP and Macquarie Capital (USA) Inc. are serving as financial advisors and Cravath, Swaine & Moore LLP is serving as legal counsel to Scientific Games.
About Scientific Games
Scientific Games Corporation (NASDAQ: SGMS) is a world leader in entertainment offering dynamic games, systems and services for casino, lottery, online gaming and sports betting. Scientific Games offers the gaming industry’s broadest and most integrated portfolio of game content, advanced systems, cutting-edge platforms and professional services. Committed to responsible gaming, Scientific Games delivers what customers and players value most: trusted security, engaging entertainment content, operating efficiencies and innovative technology. For more information, please visit scientificgames.com.
Endeavor is a global sports and entertainment company, home to the world’s most dynamic and engaging storytellers, brands, live events and experiences. The company is comprised of industry leaders including entertainment agency WME; sports, fashion, events and media company IMG; and premier mixed martial arts organization UFC. The Endeavor network specializes in talent representation; marketing and licensing; content development, distribution and sales; event management; and a number of direct-to-consumer offerings.
Romanian Startup Global Technical Group acquires Lummetry.AI
Tech firm strengthens its position as the market leader in software solutions for physical security automation
Global Technical Group (“GTS”), the Romanian developer of software for the security industry, backed by Abris Capital Partners (“Abris”), has acquired Lummetry.AI, a Romanian artificial intelligence business. The transaction, completed on 15 September, will further strengthen GTS’s position as a market leader in software solutions for physical security automation.
GTS was founded in 2007 and consists of two divisions providing software solutions for the security industry, comprising advanced IoT solutions, building technologies, engineering, automation and energy efficiency, facility management and technical maintenance. GTS is one of the largest players in this sector in Romania, counting most of the largest banks, oil companies, shopping malls, retailers and international manufacturing and distribution companies among its clients.
Abris invested in the business in 2019 with the aim of accelerating the innovation process and laying the foundations for international expansion.
Adrian Stanculescu, Partner at Abris, commented:
“The acquisition of Lummetry.AI is the next exciting step in GTS’s growth story. Already the business has seen an impressive CAGR of nearly 50% in the past five years, and we expect to continue realizing double-digit revenue growth over the next five. The combination of these two teams will help us further improve our offering to clients and build our market-leading position.”
Lummetry.AI offers solutions that work as AI “engines”, which integrate with existing IT tools, security and video monitoring infrastructure, transforming the platforms into solutions capable of automatically processing multiple video streams and large amounts of data. The company will complement GTS by bringing capabilities for the development, implementation and maintenance of software platforms dedicated to security systems management, as well as a track record of successful projects and a team with an advanced level of expertise in the field of AI.
Mihai Stănescu, founder and CEO of GTS, added:
“GTS is differentiated by its ability to develop and integrate different areas in the IoT sector. Over the past two years, alongside Lummetry.AI, we have accelerated the integration of AI algorithms in everything we do, bringing a tremendous advantage to clients, who can benefit from advanced technology even if platforms used were not originally designed to be monitored with advanced software. As part of the value-creation process, Abris has supported the professionalization of the business, at the same time growing it significantly together with our management team.”
Following the acquisition, GTS will continue to invest in Lummetry.AI’s research and development of AI engines. In addition, GTS is preparing to launch a new software platform for monitoring and managing security systems that will include integrated AI-based modules such as perimeter violation, people counting, people presence identification, camera tempering and crowd detection. The company is also preparing for an international expansion, beginning in 2022, to leverage its strong IoT and AI solutions.
Pawel Gierynski, Managing Partner at Abris, commented:
“At Abris, we remain committed to our strategy of transforming local players into regional champions. During the pandemic, we saw that digitization and the transition to cloud services accelerated across most industries. I am therefore extremely proud that our Romanian portfolio company is on the right path to become the leading technology-driven security and service integrator in Central Europe. We look forward to supporting the group as it consolidates its position in the market further.”
Abris Capital Partners is a leading independent private equity fund manager, focused on mid-market opportunities in the major countries of Central Europe. Established in 2007, Abris seeks to identify, and partner with, the most successful and dynamic mid-market businesses in Central Europe, which can benefit from an input of capital and/or management expertise at both strategic and operational levels. With investment capital of almost €1.3 billion, Abris has obtained financial backing from many leading global investment institutions including corporate and public pension plans, financial institutions, funds of funds and US university endowment funds. Abris has a long-term investment horizon and usually targets transactions in which it is able to acquire a majority or sole ownership position. The typical financial commitment by Abris to any single transaction can range from €30 million to €75 million, with larger commitments available if required. The Abris advisory business operates using teams based in Warsaw and Bucharest.
GTS is part of GTS Global Technical Group – one of the leading technology and security integrators in Romania, owned by Abris Capital Partners. The group consists of two divisions: Physical Security & Safety (focusing mostly on software) and Building Technologies (with a hardware component). The companies in the physical security division form a one-stop shop for the clients, with the ability to provide a broad range of services and expertise, from the development phase to project completion, by providing services such as: systems design, implementation, maintenance, software platform development and monitoring services. GTS Global Intelligence is known for developing CAVI Smart Monitoring & CAVI Share Alert, two innovative security solutions.
Lummetry.AI is a Romanian artificial intelligence company that uses Big Data & in-house developed solutions to help companies identify and capitalize untapped business opportunities. The company focuses on facilitating knowledge work by leveraging Big Data and the Internet of Things (IoT) with the power of Machine Learning and Deep Learning models. Lummetry has developed VAPOR, a video analytics engine built to run on customers’ existing video infrastructure; SEER, a predictive analytics engine based on Machine Learning and Deep Learning, which can be integrated both into video monitoring systems and solutions for predictive stock replenishment or sales forecasting, and ALLAN, an automated text analytics engine, also available for the Romanian language.
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