Lottery solutions provider Pollard Banknote has struck a deal to acquire London-based mobile app developer mkodo Limited for an initial purchase price of £7.8m.

The deal will further expand Pollard’s range of products, and make mkodo’s solutions available to its client base, which today comprises more than 60 lotteries worldwide.

It currently provides instant tickets, licensed games, retail merchandising systems and a range of digital products such as ilottery solutions, app development, as well as marketing and management services.

The £7.8m purchase price is accompanied by potential earn-out payments based on mkodo meeting future earnings targets, and the transaction remains subject to regulatory and third-party approvals.