Why Is Elys Game Technology (ELYS) Stock Up 40% Today?

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Why is the buying and selling neighborhood buzzing about Elys Game Technology (NASDAQ:ELYS)? Without a doubt, ELYS inventory is flying excessive as a result of the corporate introduced its acquisition of Engage IT Services, S.r.l. Consequently, Elys Game Technology is increasing and consolidating its group of tech consultants.
Elys is a comparatively small business-to-business (B2B) gaming tech firm. It gives leisure gaming services and products revolving round sports activities betting, on-line casinos and different interactive video games.
Virtual betting is a aggressive area. Therefore, Elys has to repeatedly develop new gaming choices. That requires a high-conviction group of engineers and different consultants, nonetheless.
To that finish, Elys Game Technology finalized its acquisition of Engage IT Services, a software program engineering and knowledge know-how (IT) improvement agency. Engage develops, amongst different issues, sportsbook and gaming functions for cloud, net and cellular platforms.

What’s Happening With ELYS Stock?
ELYS inventory ran as a lot as 90% larger this morning earlier than falling again considerably. Still, shares had been up practically 40% as of 10:30 a.m. Eastern — not too shabby.
Clearly, monetary merchants are bullish on Elys’ acquisition of Engage. It’s simple to see why traders are so enthusiastic about this improvement. Elys’ administration, per the press launch, really feel that Engage “will vastly improve our in-house engineering capabilities.”
Plus, there’s extra to the story. Elys Game Technology has “obtained long-term commitments of 6 key IT, engineering, and threat and undertaking administration workers by means of the issuance of incentive shares vesting month-to-month over a interval of three years.”
In different phrases, Elys is constructing and solidifying its top-tier tech expertise. All in all, Elys Game Technology Executive Chairman Michele Ciavarella envisions Engage as bringing “the proper mix of engineering excellence, overlapping company tradition, and regional presence.”
Perhaps, then, Engage IT Services’ know-how group will vastly improve Elys’ long-term shareholder worth. That’s apparently what ELYS inventory traders are relying on as they push the share worth considerably larger as we speak.
On the date of publication, David Moadel didn’t have (both instantly or not directly) any positions within the securities talked about on this article. The opinions expressed on this article are these of the author, topic to the InvestorPlace.com Publishing Guidelines.

David Moadel has supplied compelling content material – and crossed the occasional line – on behalf of Motley Fool, Crush the Street, Market Realist, SpeakMarkets, TipRanks, Benzinga, and (after all) InvestorPlace.com. He additionally serves because the chief analyst and market researcher for Portfolio Wealth Global and hosts the favored monetary YouTube channel Looking on the Markets.

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