Headwaters has advised CyberArts on a minority capital formation from Intralot, a publicly traded provider of integrated gaming systems to lottery organisations worldwide.
Ken Arnold, chairman of CyberArts, said: "Headwaters scoured the globe to find a partner to help us achieve our financial and strategic objectives. Their bankers were able to access the best-positioned companies in the industry worldwide and they brought us a powerful strategic partner that will enhance the value and growth of CyberArts."
Paul Janson, president and COO of Headwaters, added: "Ken and his team have developed the ability to offer software products and services across lottery, VLT and online regulated gaming."
