GVC primed for new M&A as Ladbrokes Coral migration completes
London-listed operator hails remote working efforts as remaining LCL brands move across to proprietary tech platform
GVC has completed the integration of all Ladbrokes Coral brands onto its proprietary tech platform after the final 12.5 million Ladbrokes accounts were migrated.
The London-listed operator revealed the final phase of the migration took place with all affected teams working remotely during the Covid-19 lockdown.
GVC reported the migration was completed on schedule, with no disruption to 25 million Ladbrokes Coral account holders, while the process keeps the group on track to deliver £130m of annualised synergies by the end of 2021.
“The completion also frees up significant technical resources that can be redeployed to drive product innovation and execute further M&A where the opportunity arises,” GVC added.
GVC acquired Ladbrokes Coral in a multi-billion-pound merger in March 2018.
GVC COO Shay Segev
GVC COO Shay Segev said the completion of the critical and hugely complex migration despite the Covid-19 lockdown was a “great testament” to the quality of its employees and the sophistication of GVC’s technology.
“It also positions the business even better to emerge from the current crisis from a position of strength,” said Segev.
“As a result, we are confident in our ability to take advantage of the attractive M&A opportunities which we believe will present themselves to us in the future while further boosting the growth of our existing business,” Segev added.
GVC Holdings share price rose 2.92% in early trading today on the London Stock Exchange.