British leading online gambling giant bet365 sealed a takeover deal with the U.S. NoSQL database technology developer Basho Technologies, under which bet365 is to assume control over Basho Technologies’ assets, as the latter bumped into financial troubles.
The partners bet365 and Basho Technologies shook hands on a takeover deal. In a message to Riak’s developers, the Chief Executive Officer of Technology at bet365, Martin Davies confirmed that the two companies sealed an acquisition deal.
Besides the news of the takeover agreement, bet365 announced that the company will take care to open source the full package of Basho’s products and to further develop the source code, which Basho started to develop but it did not have enough time to finish. This means that Riak developers will have a full access to Basho’s code. It is interesting to note that this is not the first time in which bet365 outspokenly express its support to Riak.
Mr. Davies added that the bet365 is to invest the needed efforts to finish the work on the source code as fast as possible, but he could not engage with a specific time period.
Reasons for Basho’s Acquisition
As mentioned above, Basho Technologies is among the brands, which highly contributed to the creation of Riak, as it is built on a distributed NoSQL database. Even though actively participating in the development of such a successful product, it is not a secret that Basho Technologies ran into some big troubles in the recent years, becoming insolvent to meet its expenses.
Unable to climb out of the hole, in April 2017, Basho announced that it is looking for a company-investor, which is eager to assume the control over the company. In July 2017, the company entered into receivership, appointing the Washington-based Pivotal Solutions as the receiver to take the leadership.
In 2015 the co-founder and unrighteously ousted Chairman of the Basho Technologies Board Earl Galleher sued Georgetown Capital Partners, accusing it of misleading terms of a funding agreement, which was the culprit for Basho’s bankruptcy. The case is stuck in the Delaware Chancery Court due to a change in the legal representation, but it is expected to move forward soon.
Previous Collaboration Between Basho and bet365
The joint venture between bet365 and Basho Technologies started as far back as 2014, when bet365 expressed its interest in Riak product. Hence, the two companies entered a partnership under which bet365 was responsible for managing Basho Technologies’ data storage. Hence, the current takeover deal seems to perfectly match the online giant’s taste. Acquiring Basho’s assets is to strengthen the company’s position on the market, enrich its assortment of offerings, preserve and further develop Basho’s technological heritage.