BIDS.L Share News (BIDS)

(Alliance News) - The executive team of Bidstack Group PLC has acquired Bidstack Ltd and all the operating entities of the group from the administrators, according to Bidstack Group on Friday.

London-based in-game advertising company Bidstack Group said the deal for an undisclosed fee sees Founder & Chief Executive Officer James Draper and the executive team of Bidstack Ltd become significant majority shareholders.

The executive team includes Lisa Hau stepping up to chief financial officer, Dave Garvey continuing as chief legal officer, Will Stewart moving to chief product officer and Daniel Barrigas to chief technology officer.

Bidstack Group said all contracts and client relationships will continue within the new ownership structure, which it said would safeguard jobs for the UK and European-based staff.

"The acquisition is a pivotal moment for the next phase of growth for the business. Our technology is at the forefront of sports technology, and I couldn't be more excited. I am proud that we are able to reward our ambitious and industry-pioneering team and have them as shareholders alongside myself," said Founder & Chief Executive Officer James Draper.

"The company can now focus on the enormous potential we have, to enable sports teams to get closer to their fans and improve the player experience by bringing their virtual [intellectual property] to life, with real-time messaging, rewards and engagements."

Shares in Bidstack are currently suspended as it is in administration.

By Greg Rosenvinge, Alliance News senior reporter

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