Elys Acquires Software Engineering and IT Development Firm Engage IT Services, S.r.l.

Elys Game Technology, Corp. an interactive gaming and sports betting technology company, announced that it has completed the acquisition of a premium software engineering and IT development firm, Engage IT Services, S.r.l. (“Engage”). The firm offers best-in-class development of sportsbook and gaming applications for cloud, web, and mobile platforms, user experience development, customized business intelligence, digital transformation consulting, end-to-end project and product management, Microsoft solutions, and other engineering and development projects. The integration of the Engage team within our organization will greatly enhance our in-house engineering capabilities and addresses the abundance of incoming business, including the development of our US product offerings which includes retail opportunities and mobile solutions as well as the development of our global virtual gaming platform and global mobile solutions, while streamlining our current group engineering projects.

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On the same day the Company also obtained long-term commitments of 6 key IT, engineering, and risk and project management employees through the issuance of incentive shares vesting monthly over a period of 3 years.

“With the acquisition of Engage we fulfill our strategy of creating a prominent in-house engineering base for the Group. Engage brings the perfect blend of engineering excellence, overlapping corporate culture, and regional presence that we are confident will make a lasting positive impact on Elys, leveraging off their resources and years of experience to expand our service offerings and to enhance our services to our customers and employees,” stated Michele Ciavarella, Executive Chairman of Elys Game Technology. “Prior to the acquisition of Engage, our global team of strategists, designers, and technologists had worked almost exclusively with Engage to create powerful digital experiences for users and platforms that were designed to facilitate rapid development and delivery of customized sportsbook applications. We believe that, after the close collaboration that we have had with the Engage team, that this acquisition was a natural progression for Elys in its journey to become a leading provider of end-to-end sportsbook solutions for both B2B and B2C customers.”

Founded in 2016 and based in Italy, Engage employs 30 experts including architects, developers and software engineers that specialize in the design, implementation and management of SQL databases, agile and DevOps project management, and solutions based on the Microsoft cloud platform (Azure) and in the development of .NET applications, primarily focused on sports betting and gaming systems. Engage has also provided contract services to Elys, playing a key role in the development of our Elys Gameboard sportsbook technology and Player Account Management Platform (PAM), and has a deep knowledge base of Elys’ Gameboard architecture and currently monitors system loads to ensure seamless performance of the Company’s cutting-edge sportsbook.

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The deal is structured as an equity acquisition of 100% of the shares of Engage such that Engage will become a wholly owned subsidiary of Elys upon the terms and subject to the conditions set forth in the Share Purchase Agreement (“Agreement”). The current Engage and Elys leadership and management team will remain in their current roles and their interest are aligned with that of our shareholders due to the equity nature of this transaction. Pursuant to the Agreement, Elys will issue approximately 3,018,462 shares of common stock (“Shares”), valued at €1.08 million, which purchase price may be increased or decreased dependent upon the net financial position of Engage as determined by due diligence, on or prior to June 30, 2023. Subject to the repurchase option set forth in the Agreement, the Sellers will be restricted from disposing of the Shares for 36 months and the Company may repurchase the Shares issued for €1.08 million in cash up to June 30, 2023.

Elys Game Technology, Corp., is a B2B global gaming technology company operating in multiple countries worldwide, with B2C online and land-based gaming operations in Italy. Elys offers its clients a full suite of leisure gaming products and services, such as sports betting, e-sports, virtual sports, online c*****, poker, bingo, interactive games and slots in Italy and has operations in five states as well as the District of Columbia in the U.S. market. Elys’ vision is to become a global leader in the gaming industry through the development of pioneering and innovative technology.

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