Pala Band of Mission Indians enters into agreement to sell Pala Interactive LLC to Boyd Gaming for $170 Million
Last updated 4/1/2022 at 2:58pm
PALA – Pala Interactive LLC, a North American iGaming software and services supplier that is majority owned by the Pala Band of Mission Indians, entered into a definitive agreement with Boyd Gaming Corporation (NYSE:BYD) to sell the business for total cash consideration of $170 million.
Pala Interactive, founded by the Pala Band of Mission Indians in 2013, has built an innovative online gaming technology company that provides real money and social gaming solutions on both a business-to-business (B2B) and business-to-consumer (B2C) basis in regulated markets across the United States and Canada.
The Pala Interactive technology includes a player management system, casino, poker, integrated sports, social casino and poker platforms, complemented by a full suite of managed services. Pala Interactive currently provides B2B services in eight U.S. states and in Canada and operates B2C and B2B2C offerings in New Jersey and Canada, respectively.
“Our tribe was at the forefront in creating an online gaming platform," said Robert Smith, Chairman of the Pala Band of Mission Indians. “We brought together the best minds in the business to build and ultimately transact, what has become a very successful business.”
Jim Ryan, CEO of Pala Interactive, said, “This is the result of a considerable capital investment and lot of hard work by the Pala Tribe and Pala Interactive employees to build a modern-age online gaming platform and business tailored to the North American regulated gaming market. Boyd Gaming’s acquisition of the Pala Interactive business, positions the enterprise for the next growth phase, which includes the development and execution of an iGaming strategy for Boyd Gaming and a continued commitment of investment and development in Pala’s B2B business.”
The acquisition comes after Pala Interactive recently received its Ontario Gaming Related Supplier manufacturer license. Securing the GRS license marks another milestone for the Company in the North American regulated iGaming market and positions the business for further growth in the Canadian marketplace.
The closing of the transaction is subject to usual and customary closing conditions, including regulatory review and approval, and is anticipated to close by the first quarter of 2023.
Brownstein Hyatt Farber Schreck served as legal advisor to Pala Interactive for the transaction.
Submitted by Pala Band of Mission Indians.