Gambling software company Playtech has agreed to acquire Intelligent Gaming Solutions (IGS) for up to £5.5 million.

Gambling software company Playtech has agreed to acquire Intelligent Gaming Solutions (IGS) for up to £5.5 million.

An initial payment of £2.5 million will be followed by a deferred performance-related sum that has been capped at a further £3 million.

Manchester-based IGS is a provider of software based casino management systems, which allow casinos to monitor all gambling activities. The company has installed its products in casinos in the UK and Greece.

AIM-listed Playtech produces software such as poker and sports betting applications for the online, mobile and land-based gaming sectors. Founded in 1999, the Isle of Man-based company employs 1,000 staff in its research and development centres across five countries, and last year had a revenue of €142.3 million (£122.8 million).