PROVIDENCE – Banknote security systems supplier Spectra Systems Corp. has acquired proprietary software, multi-year contracts and long-standing customer relationships from Lapis Software Associates LLC, Spectra announced Tuesday.
Parsippany, N.J.-based Lapis, which is in the gaming software industry, has a 15 percent worldwide market share of the secure Internal Control Systems segment, primarily with U.S. state lotteries including Florida, Pennsylvania, Colorado, New Hampshire and Vermont.
According to a company release, ICS is a secure, high-speed data platform that plays an independent security role in auditing gaming systems, including those online. It provides tools for fraud detection and statistical analysis and mimics parallel applications used by the U.S. Securities Exchange Commission.
“We are truly pleased that Spectra is bringing their experience to our customers and the lottery industry,” Jean Lombard, president of Lapis, said in a statement. “The sale of our ICS business supports our growing focus on business-critical solutions, such as gemIntelligence, that can help drive lottery revenue growth and improve operational performance.”
The Lapis contracts acquired by Spectra are multiyear and used to verify the accuracy of transactions logged by lottery service providers around the world, including GTECH, Scientific Games and Intralot.
“The acquisition of the Lapis ICS Business adds to the international customer list we acquired in the ICS area when we recently purchased the majority of ESI Integrity’s assets,” Nabil Lawandy, Spectra CEO, said in prepared remarks, adding that Spectra intends to “extend this growing capability to financial transaction security beyond gaming, including new products for our existing central bank customers.”
“With the acquisition of the Lapis ICS Business, Spectra will have over a 30 percent market share in gaming applications of ICS and will be one of the two remaining major suppliers providing such security technology to lotteries worldwide,” said Lawandy.