Online gambling technology provider Playtech has acquired yet another company controlled by founder and largest shareholder Teddy Sagi (pictured).

Playtech has been sitting on a mountain of ready cash for eons now, and speculation on acquisition targets included the struggling Bwin.party digital entertainment. Instead, Playtech has opted to acquire binary options and contract for difference (CFD) trading outfit TradeFX, which trades in over 100 countries under the Markets.com brand and features the popular MetaTrader 4 platform.

Playtech has agreed to pay €208m upfront for a 91.1% stake in TradeFX, with a further payment of up to €250m should TradeFX hit certain performance targets by 2017.

Playtech said the acquisition would be “immediately and significantly earnings enhancing” and fit well with Playtech’s strategy of acquiring “profitable, regulated, highly cash generative businesses with market-leading positions.” Playtech CEO Mor Weizer added that TradeFX’s present management team “has a strong cultural fit with our business and is incentivized to stay with the enlarged Group.”