Acquisition of Poseve by The Weather Lottery
British fundraising firm The Weather Lottery has spent £350,000 to acquire lottery games and payment processing technologies firm Poseve Limited.
The Weather Lottery revealed that Isle of Man-registered Poseve was previously solely owned by investor James Rose, who is now set to replace Jeff Williams as Managing Director for its Prize Provision Services Limited lottery management subsidiary.
“Poseve have capabilities in improving subscription and repeat payments success particularly in situations where regular payments and efficient and timely prize payouts are important such as lottery products,” read a statement from The Weather Lottery.
“Poseve has a range of lottery, skills and hybrid games that will provide The Weather Lottery a significant opportunity to better serve its existing customers and introduce new games for existing societies as well as opening new revenue streams appealing to new customers.”
To fulfil the asking price, The Weather Lottery has issued 236,656,580 new ordinary shares each priced at £0.15 while additionally stating that the third quarter will see its latest acquisition rebranded before an updated online lottery platform is launched along with new gaming, technology and payment products.
The Weather Lottery has also announced the appointment of industry veteran Phil Jackson as its new Chief Executive Officer. Currently the Chairman of online media and advertising firm Media Corporation, Jackson is described as having ‘over 20 years of experience in general management, sales and marketing’ and has additionally held senior international marketing positions for UnitedHealth Group, Jackson Beazeley Limited and Docobo.
Finally, The Weather Lottery declared that its Company Secretary, John Botros, is set to retire ‘in due course’ with its board of directors currently searching for a suitable replacement.
“I am excited by the substantial opportunities that the acquisition of Poseve provides and I look forward to working alongside Phil, James and the existing team,” said Tim Razzall, Chairman for The Weather Lottery.
“I would like to thank Jeff and John for all the effort and support they have provided in the past and for their contribution to the forthcoming handover period.”