Racing and Sports (RAS) and Waterhouse VC have come to an agreement on a strategic partnership with the acceleration of growth a key concept of the deal.
Through this deal, RAS will be provided with advisory services related to sales referrals, acquisitions, and other commercial deals that leverage RAS’ core products and services such as its trading technologies.
As a result, it is expected that Waterhouse VC will give the provider more opportunities for growth, with access to its global network.
This agreement will initially be for 36 months from the completion of the placement or the completion of the potential acquisition, whichever is later; while Waterhouse VC has been invited on the RAS register as a strategic investor through the placement of approximately 2.5% of all shares currently on issue.
RAS CEO Stephen Crispe said: "Racing and Sports has experienced unprecedented growth over the past 3 years since we undertook the IPO. The business has evolved significantly and is extremely well placed to support the global racing industry in both established and emerging markets.
“We continue to see strong growth ahead for the business with a record pipeline of opportunities across all geographies, which we believe will have a positive impact on the overall business and all stakeholders.
“We further believe that the relationship between RAS and Waterhouse VC will be a strong partnership and seek to unlock value across many opportunities around the globe. We consider the deal structure to represent a fair way for both parties to realise this value.”
Waterhouse VC Managing Director Tom Waterhouse added: “Waterhouse VC identified Racing and Sports as a leader in the racing and sports data industry with a management team that has lived and breathed this sector for decades.
“We see significant opportunities to leverage the Waterhouse VC network, built through 20 years in the industry and managing a wagering industry fund for five years, to deliver commercial partnerships and potential significant revenue for RAS.”
In other news from Australia this week, the Alliance for Gambling Reform has sent an open letter signed by 60 prominent figures, pushing for a ban on gambling adverts.
