Flutter acquires B2B software development company Singular

Crowe UK and Partis Capital served as consultants to the shareholders of the Malta-based company

Crowe UK and Partis Capital have teamed together to assist the shareholders of Singular, a B2B software development company, on the sale of the company to Flutter Entertainment.

Singular will sell all of its shares to Flutter, one of the largest online operators in the world with net gaming revenue of over €5.9bn in 2020.

Singular is the second business to emerge from Crowe and Partis’ collaboration, which provides a mix of M&A experience and market access, assisting gaming companies with complete assistance on all M&A advisory services.

The deal comes after Flutter subsidiary Adjarabet, a prominent Georgian operator, extended its current software arrangement with Singular for another five years.

Darko Gacov, co-founder and chief business development officer of Singular said “This deal is a huge recognition of Singular and what we managed to build and it furthermore sets the foundation for an exciting next chapter,”

“We look forward to exploring new challenges and opportunities, now being a part of the largest online betting and gaming company in the world.

Working with Crowe UK, Partis Capital and DWF on the deal has been a really rewarding experience and their help and guidance throughout the process was invaluable in achieving an excellent outcome for the shareholders.”

Justin Edgar, Director at DWF, and Partner Edon Byrnes headed the team that advised the shareholders on any legal implications of the sale.

“The Crowe and Partis team have had the honour to support the strategic development of Singular over the past few years. It became apparent early in our collaboration that the Singular team had developed an industry-unique iGaming solution that created tremendous value for operators.

We congratulate the Flutter and Singular teams on having the foresight to take advantage of this opportunity to create a very powerful partnership” said Partis Partners, Dan Beard and Stefan Hamann.

Crowe’s UK Corporate Finance Partner, Matteo Timpani, said: “It has been an absolute pleasure to support the Singular team throughout this transaction which represents another iGaming deal delivered by Crowe and Partis.

“The company and culture that the Singular shareholders managed to create is an amazing achievement. We look forward to watching both Singular and Flutter flourish following this important strategic acquisition and wish them every success in the future.”

Singular will continue to serve as Adjarabet’s primary iGaming and sports betting platforms supplier in Georgia, as well as assist the operator’s development into additional authorized areas, under the conditions of a contract renewal agreed earlier this year. Singular has been a supporter of Adjarabet from its inception in 2011.

Vereeni Investments, a venture capital firm, bought a 20% interest in Singular in December 2018.

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