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ATM operator Bitcoin Depot Inc. is moving into the social-betting arena with the acquisition of Kutt, a peer-to-peer social-betting platform. Meanwhile, ECI Software Solutions Inc., a business-software and management-services firm, acquired fintech Drypowder to help modernize its financial services platform, including digital payments.
Atlanta-based Bitcoin Depot, known for its cryptocurrency ATMs and kiosks, says the Kutt acquisition will help diversify its portfolio beyond that core business. Kutt entered P2P social betting in 2022. This form of betting enables individuals to wager directly against other individuals, most often on sporting events, though entertainment and politics also are popular. Users can fund their Kutt accounts via bank accounts, credit and debit cards, and with cryptocurrency.
Bitcoin Depot executives say the Kutt acquisition—terms of which were not disclosed—is a “meaningful opportunity” for Bitcoin Depot to support Kutt in its next phase of product improvements and broader reach.
Sim Harmon, Kutt’s founder and chief executive, says the acquisition will help his company grow faster than it would on its own and reach more potential users. Kutt will continue to operate as its own brand and its executive team will remain in place.
In related M&A news, Westlake, Texas-based ECI Software, known for business software that helps run small and mid-size companies, says its acquisition of Drypowder, known for its accounts-receivable management system, will help ECI offer clients a unified payment and financial-management service.
ECI says Drypowder—a name taken from a financial term for cash held in reserve for unexpected events—can provide industry-specific systems for billing and embedded payments applications. The acquisition will make it easier for ECI clients to get paid faster, get more insight into their cash flow, and ease administrative demands, an ECI executive says in a statement.
