Israeli billionaire Teddy Sagi’s Playtech PLC (LSE:PTEC), a provider of online gaming and sports-betting software, has bought global forex broker AvaTrade, according to Reuters.
AvaTrade has been an innovative pioneer in online trading since 2006. The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the on-line experience for retail traders. According to the company, “AvaTrade has over twenty thousand registered customers globally executing more than two million trades a month. The company’s total trading volumes surpass $60 billion per month.” Ava is a multi-national company with regional offices and sales centers in Paris, Dublin, Milan, Tokyo and Sydney. The company’s administrative headquarters are in Dublin, Ireland.
Sagi was recently in advanced talks to buy AvaTrade for $100 million, according to Calcalist. It said AvaTrade had an operating profit of $20 million in 2014.
This is the latest in a series of acquisitions made by Sagi, including last week’s acquisition of Israeli global e-commerce marketing platform Stucco Media for $34.5 million by Market Tech Holdings Ltd (LSE: MKT), also controlled by him. A month ago Playtech acquired a 91.1% stake in trading platform provider TradeFX, the holding company behind the Markets.com brand and their forex and binary options trading technology, in a deal valued up to €458 million.
Sagi, who has an estimated net worth of $3.5 billion according to Forbes, has been recently expanding his real estate empire, by acquiring control of London’s historic Camden Markets in a series of transactions totaling about £500 million. In terms of visitors Camden Markets ranks as London’s second biggest tourist attraction after Buckingham Palace.
Last week Teddy Sagi’s MountainPeak Trading Ltd. was reported to have acquired a 24.79% stake in Austria’s Conwert Immobilient Invest SE (VIE:CWI), which owns 30,000 properties with a value of over €3 billion and has a market cap of €975 million.