Spectra Systems Corporation Acquires Certain Assets from Lapis Software Associates (the "Lapis ICS Business")
THE ACQUISITION EXPANDS SPECTRA'S MARKET SHARE IN SECURITY SOFTWARE AND SERVICES FOR THE GAMING INDUSTRY
PROVIDENCE, R.I., Sept. 18, 2012 /PRNewswire/ -- Spectra Systems one of the world's leading suppliers of banknote security systems announced it has acquired certain assets of Lapis Software Associates ("Lapis"), including proprietary software, multi-year contracts and long-standing customer relationships.
Lapis, which is headquartered in Parsippany, New Jersey, is in the gaming software industry and has a 15 percent worldwide market share of the secure Internal Control Systems (ICS) segment primarily with USA state lotteries including Florida, Pennsylvania, Colorado, New Hampshire and Vermont. ICS is a secure, high-speed data platform which plays a critical independent security role in auditing online and many other gaming systems. ICS provides tools for fraud detection and statistical analysis and has many existing parallel applications used by the securities exchange industry. The Lapis ICS Business contracts are multi-year and its independent services are used to verify the accuracy of transactions logged by providers of lottery services worldwide, including GTECH, Scientific Games and Intralot.
"We are truly pleased that Spectra is bringing their experience to our customers and the lottery industry", said Jean Lombard, President of Lapis Software Associates, LLC. "The sale of our ICS business supports our growing focus on business-critical solutions such as gemIntelligence™, that can help drive lottery revenue growth and improve operational performance."
"The acquisition of the Lapis ICS Business adds to the international customer list we acquired in the ICS area when we recently purchased the majority of ESI Integrity's assets. Spectra intends to extend this growing capability to financial transaction security beyond gaming including new products for our existing central bank customers", said Nabil Lawandy, CEO of Spectra Systems Corporation. "With the acquisition of the Lapis ICS Business, Spectra will have over a 30 percent market share in gaming applications of ICS and will be one of the two remaining major suppliers providing such security technology to lotteries worldwide."
Lapis' ICS software will contribute to the growth of Spectra's Secure Transactions Group which also includes physical security solutions for lotteries. "We will continue our service to our new and valued ICS customers in a seamless fashion and will strive to bring the highest level of integrity and security to the gaming markets that we have provided to the banknote authentication industry", said Scott Tillotson, Director of the Secure Transactions Group.
Spectra Systems, headquartered in Providence, RI, is a leading provider of machine-readable banknote authentication technology and transaction security software with manufacturing and engineering facilities in East Providence, RI and Vancouver, BC Canada. Spectra Systems is a traded company on the London Stock exchange since July of 2011.
Since 1994, Lapis has provided the global lottery industry with a wide range of information technology products and services spanning point of sale device software, communications, gaming transaction systems, back-office software solutions, mobile applications and other automation solutions. Solutions and services from Lapis support some of the largest lottery operations, generating billions of dollars worldwide, while giving clients a trusted partner for innovations that work in the unique environments of regulated gaming.
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