Stride Management Corp, the Canadian subsidiary of Jumbo Interactive, has secured a new gaming services provider license in in British Columbia and also announced that president Dean Faithfull will retire at the end of this month.
Acquired by Jumbo in June of this year, Stride has been seeking to grow its presence within the Canadian market, focusing on expansion into British Columbia and Ontario.
Jumbo said confirmation of the new British Columbia license is the first step in this strategy, while also revealing Stride has made an application to the Alcohol and Gaming Commission of Ontario for a similar license.
“With over three times the population of Alberta and Saskatchewan, Ontario and British Columbia represent a compelling growth opportunity for Stride to expand its client base,” Jumbo chief executive and founder Mike Veverka said.
Stride president exits
Meanwhile, it was announced that Faithfull will step down from his roles as president and director and Stride when he retires this month. Faithfull will officially leave the business on 31 December.
He will be replaced by Shane Simmons, who has been with Stride for 11 years and was most recently its chief business officer.
Jumbo said this updated acquisition arrangement would allow it to accelerate its expansion strategy for Stride from 1 January 2023, six months earlier than the originally planned date of 1 July 2023.
As such, the total maximum consideration for the Stride acquisition has been varied and the final earn-out payment restructured from an initial CAD$11.0m to CAD$11.1m.
“I would like to thank Dean for his leadership and significant contribution to Stride over the last two decades,” Veverka said.
“I am also very pleased to announce the appointment of Shane to replace Dean. He brings a deep understanding of the Canadian charity lottery market and will facilitate a smooth transition which has already been in progress for some time.”