- Smart software company SenSen Networks (SNS) has landed a $10 million deal with Angel Playing Cards
- The contract will see the Angel become SenSen's exclusive distributor for its SenGAME program
- The program gives real-time data analysis for important casino business indicators
- As part of the deal, Angel will buy $3.3 million worth of SenSen shares at a 68 per cent premium price
- SenSen shares are trading 34.83 per cent up today, currently worth 12 cents each
SenSen Networks (SNS) has signed a $10 million deal with Japan-based casino game maker Angel Playing Cards.
The contract will see Angel become the exclusive distributor of SenSen's SenGAME 3.0 software.
SenGAME 3.0 is a casino table data-analytic program. Essentially, the software can measure key business indicators for a casino like the number of players at a table, game start and finish times, hands dealt per hour, and the value of all bets placed — including side bets — in real-time.
Angel can now integrate this software into its casino equipment and distribute SenGAME worldwide.
As part of the five-year distribution agreement, Angel will cough up $7.3 million (US$5 million) and buy $3.3 million worth of SenSen shares at a strong premium.
The shares issued to Angel will be priced at 15 cents per share — a whopping 68 per cent markup on SenSen's last closing price of 8.9 cents. The placement will give Angel a 4.99 per cent interest in SenSen.
Importantly, the placement also gives Angel a one-year anti-dilution right. This means should SenSen launch a share placement any time in the next year, Angel has first priority of news shares to maintain its 4.99 per cent holding in SenSen no matter how many new shares are issued.
SenSen CEO Subhash Challa said this is a "transformational deal" for the company.
"Angel has unparalleled market reach whose extremely powerful distribution platform will see SenGAME 3.0 rapidly deployed on gaming tables globally," Subhash said.
Angel is headquartered in Kyoto but has offices in the U.S., Macau, Australia, and the Philippines.
SenSen shares are trading 34.83 per cent up in early afternoon trade, currently worth 12 cents each in a $50.6 million market cap.