|CES Software plc has entered into a conditional agreement to acquire the entire issued share capital of Corcom, and certain assets associated with Corcom's business, Don Best Sports.|
Don Best is a leading Internet sports information provider, based in Las Vegas, Nevada, USA. Its core business is publishing exclusive, real-time wagering odds on the Internet for its Internet subscriber base.
The consideration for the acquisition of Don Best is the payment to the sellers of US$ 40 million in cash, the issuance of one million CES ordinary shares on completion, and the issuance of a maximum of one million further Ordinary Shares pursuant to an earn-out.
Dana Corbo, Don Best’s President and CEO, and the other members of the Don Best management team have agreed to continue to perform in their current roles and will remain with the business following the completion of the acquisition.
Lorne Abony, Chief Executive Officer of CES, remarked: “We believe that the Don Best acquisition represents an enormous leap forward for the Company in terms of its growth in new markets and new distribution channels. Our goal is to leverage the Internet to offer more value and choice for players—and the acquisition of Don Best is directly in line with our strategy. Furthermore, the Don Best business is in keeping with our overall corporate goals of meaningful revenue and earnings growth. With strong, complementary business units, we look forward to an exciting 2005.”