Jumbo Interactive has entered into an agreement to acquire 100% of Canadian lottery management provider Stride Management

in Finance

Jumbo Interactive has entered into an agreement to acquire 100% of Canadian lottery management provider Stride Management for a cash consideration of $11.7 million subject to satisfaction of certain conditions under the agreement.

The acquisition of Stride is another key strategic step in Jumbo’s international expansion strategy following the successful acquisition of UK-based Gatherwell Ltd in November 2019.

Calgary-based Stride provides services to over 750,000 active lottery players in the Alberta and Saskatchewan provinces. It operates within the $1.2 billion estimated Total Addressable Market of the Canadian Charitable Lottery and Raffle sector.

Jumbo Interactive CEO and Founder Mike Veverka said “Since 1997 Stride has grown to service over 750,000 active lottery players generating $122 million in annual ticket sales. The acquisition will significantly add scale to our Managed Services business and gives us a strategic foothold to grow in the Canadian charity lotteries market.”

“Stride has a proven track record working with charitable organisations for over 20 years and we look forward to supporting the not-for-profit sector in Canada in meeting the challenges from COVID-19 and digitising their fundraising programs utilising Jumbo’s world leading software and services.”

https://5star.media/2021/08/26/jumbo-enters-canadian-lottery-market-with-stride-acquisition/