The Weather Lottery in possession of Poseve 1

The Weather Lottery, a British fundraising firm, has paid £350,000 for Poseve Limited, lottery games and payment processing technologies firm.

 

weatherlottery

Poseve registered on Isle of Man was previously owned by James Rose, an investor who is now set to a position of Managing Director for its Prize Provision Services Limited lottery management subsidiary.

 

According to a statement from The Weather Lottery: “Poseve have capabilities in improving subscription and repeat payments success particularly in situations where regular payments and efficient and timely prize payouts are important such as lottery products.”

 

“Poseve has a range of lottery, skills and hybrid games that will provide The Weather Lottery a significant opportunity to better serve its existing customers and introduce new games for existing societies as well as opening new revenue streams appealing to new customers.”

 

The Weather Lottery has issued 236,656,580 shares each priced at £0.15 in order to gather the asking price. What is more, it has stated that the third quarter will expect its latest acquisition rebranded before the launch of an updated online lottery platform, technology, new gaming, and payment products.

 

Moreover, John Botros, The Weather Lottery’s Company Secretary, is set to retire, and its board of directors is looking for a suitable replacement.

 

As Tim Razzall, Chairman for The Weather Lottery said: “I am excited by the substantial opportunities that the acquisition of Poseve provides and I look forward to working alongside Phil, James and the existing team.”

 

“I would like to thank Jeff and John for all the effort and support they have provided in the past and for their contribution to the forthcoming handover period.”

 

 

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Source:  iGaming Business
Date: May 27, 2013
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