Under the deal, Pollard Banknote will pay €32m upon closing of the acquisition, with the remaining €4m to be paid upon the achievement of certain gross margin targets in 2021.
NGL is a solutions supplier to the lottery industry, offering retail lotto systems and ilottery platforms. The provider is primarily focused on Europe and Asia, counting the likes of Loteries de Catalunya in Spain among its customers.
The supplier acquired its lottery operations when it purchased Novomatic Lottery Solutions, formerly known as Betware, from the Austrian gaming giant in October 2019.
Subject to certain standard regulatory and third-party consents, the acquisition is expected to close early in the first quarter of 2021.
Pollard Banknote will fund the acquisition using existing cash resources and senior credit facilities.
“NGL will significantly expand our product offering for both retail and ilottery gaming and will be a strong complement to our North American leading joint venture, NeoPollard Interactive,” Pollard Banknote co-chief executive Doug Pollard said.
“The recent worldwide growth seen in 2020 in omni-channel lottery sales, and particularly ilottery, highlights an important opportunity for lotteries around the world.”
NGL chief executive Hans Vigmostad added: “We are excited about the cultural fit between NGL and Pollard Banknote. Lotteries will not only appreciate the great technology we will offer, but also the commitment from our teams to offering the right solutions for our customers.”