The PA to Buy Racing Data Supplier RAS Technology for AU$49.8M

RAS shareholders are being offered AU$1.04 (US$0.73) per share, almost twice the company’s last closing price before the announcement. The takeover still requires shareholder and court approval, with completion scheduled for February 2027. Both businesses will continue operating separately until then.

USD conversions use the Reserve Bank of Australia’s October 19, 2026 exchange rate of AU$1 = US$0.6975.

Founders With 34% Stake Back the Offer

RAS announced the agreement on October 19. The cash offer carries a 93% premium to the October 16 closing price of AU$0.54 (US$0.38) and an 80% premium to the 90-trading-day volume-weighted average price.

The board supports the sale, provided an independent expert finds it in shareholders’ best interests and no better offer emerges. Co-founders Gary Crispe and Robert Vilkaitis, who control approximately 34% of RAS shares between them, have also indicated they will vote in favour under those conditions.

Shareholders are expected to vote in late January 2027. Even with the founders’ backing, the transaction cannot proceed without the required shareholder majority and approval from Australia’s Federal Court.

RAS Revenue Up 34%, Normalised EBITDA Up 3%

RAS’s FY2026 annual report covers the financial year ended June 30, 2026. The main figures were:

• Revenue – AU$28.4 million (US$19.8 million), up 34% from AU$21.3 million (US$14.9 million) in FY2025;
• Normalised EBITDA – AU$2.98 million (US$2.08 million), up 3%;
• Reported EBITDA – AU$2.25 million (US$1.57 million), down 4%;

Revenue grew much faster than earnings. During FY2026, RAS invested in its trading team, technology and expansion in Asia. Based on the takeover price and net cash at June 30, the company puts its implied enterprise value at AU$45.6 million (US$31.8 million).

Using the FY2026 figures, 15M calculates an enterprise-value multiple of 1.60 times annual revenue and 15.3 times normalised EBITDA. The multiple rises to 20.3 when measured against reported EBITDA.

These are historical earnings multiples, not forecasts for the combined company. They also use the June balance sheet rather than the cash position that RAS will have when the takeover closes.

RAS Already Has UK Betting Clients

RAS signed a full racing solution contract with LeoVegas Group in FY2026 and launched Betbridge in the UK with Fairplay Exchange. Its trading business also works with Stakemate. In Australia, Tabcorp renewed its data and content agreement for another four years.

Podium supplies racing feeds, statistics and sports APIs to more than 300 brands. The PA’s October 19 announcement identifies RAS’s Wagering 360 platform and trading services as part of the planned combination. No timetable for integrating those products has been announced.