The PA, the UK-based owner of racing data supplier Podium, has agreed an all-cash takeover of ASX-listed RAS Technology Holdings, the company behind the Racing and Sports brand.
The PA, the UK-based owner of racing data supplier Podium, has agreed to buy ASX-listed RAS Technology Holdings Limited, which trades as Racing and Sports, in an all-cash deal announced on 19 October.
The transaction extends PA Media Group’s push into Asia-Pacific racing and wagering data and signals further consolidation among suppliers that feed odds and content to bookmakers.
What happened
Under the agreement, the PA will pay A$1.04 ($0.73) in cash for each RAS share, valuing the company at approximately A$49.8m.
The offer is 93% higher than RAS’s closing share price of A$0.54 on October 16 and 80% above its average share price over the previous 90 trading days, which was A$0.576.
Once RAS’s net cash position is accounted for,
the deal values RAS at approximately A$45.6m after accounting for its A$4.2m in net cash as of June 30, 2026, excluding A$0.1m in lease liabilities.
RAS Technology is a long-established name in the sector.
Founded in 1999 and listed on the ASX since 2021, RAS provides analytics, wagering technology and digital media services, with established relationships across Australia and Asia.
The current offer sits below where the company first floated, with RAS shares having listed
at the AU$1.50 per share at which RAS floated on the ASX in November 2021.
The acquisition will run through an Australian court process rather than a simple share purchase.
The PA will acquire 100% of RAS’s issued shares through an Australian court-approved scheme of arrangement, subject to shareholder, court and other customary approvals.
The deal will run as an Australian court-approved scheme of arrangement, with completion expected in February 2027, subject to a shareholder vote and Federal Court approval.
Governance signals point to a smooth passage.
The RAS board unanimously recommends that shareholders vote in favor of the scheme, provided no superior proposal emerges and the independent expert concludes that the transaction is in shareholders’ best interests.
Co-founders Gary Crispe, an Executive Director, and Robert Vilkaitis, Chief Innovation Officer, hold or control approximately 34% of RAS shares, and both have confirmed in writing that they intend to vote in favor, subject to the same conditions.
Why it matters
The combination brings together two established racing and sports data suppliers under one roof.
The acquisition will bring RAS together with The PA’s existing sports data business, Podium, expanding its racing and sports betting data services and establishing a greater presence in the Australian wagering market.
Podium is not a new entrant to the sector:
The PA’s racing heritage spans more than 40 years, with a long-standing history of working closely with rightsholders to promote horse racing, and today, through its business Podium, it supplies racing and sports data, content and products to bookmakers, broadcasters and the wider industry.
On the technology side, the deal is designed to produce a broader product set for operators rather than simply adding headcount.
Podium’s sports API and RAS Technology’s complementary capabilities through its trading services and Wagering 360 platform are expected to deliver a complete solution for media, bookmakers and rightsholders.
RAS’s trading technology already has live commercial deployments beyond Australia, with its managed trading service running with operator groups in Europe, which gives the combined business a presence outside its core Asia-Pacific footprint.
For operators and suppliers that rely on third-party racing and sports data feeds, mergers of this kind tend to reduce the number of independent providers available, while potentially improving the depth and reliability of the resulting product. That has knock-on implications for trading desks and odds compilers who license feeds to power pricing, and for any partner businesses whose commercial terms are tied to a single acquired supplier.
The bigger picture
This is not The PA’s first move into the region.
It is PA Media Group’s second racing data acquisition in Asia-Pacific in three years, after it bought Singapore-based iRace Media in October 2023.
The pattern suggests a deliberate strategy of building scale in racing and sports data outside the UK and Ireland, rather than a one-off opportunistic deal.
The timeline leaves room for scrutiny before anything is finalised.
Completion is targeted for February 2027, subject to a shareholder vote and approval from Australia’s Federal Court.
Until then, the two businesses will continue to operate separately, with full integration of products such as the sports API and Wagering 360 platform expected only once the scheme completes. Supplier consolidation of this type sits alongside other recent disputes over data and odds provision in the sector, including the ongoing Altenar and Sportradar antitrust dispute, underlining how central data supply arrangements have become to competitive positioning across betting markets.
Sources
- iGB – The PA agrees takeover of Racing and Sports owner RAS Technology
- Gaming Intelligence – The Press Association agrees deal to acquire RAS Technology
- European Gaming – The PA to buy RAS Technology in A$49.8m racing data deal
- iGaming Future – The PA Agrees Acquisition of RAS Technology
- Next.io – The PA targets global betting growth with RAS Technology acquisition
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