Cannae Holdings, Inc. Leads $270 Million Funding Round in Sightline Payments

Rhea-AI Summary

Cannae Holdings (NYSE: CNNE) has led a $270 million funding round in Sightline Payments, investing $240 million. This follows a $32 million investment in 2021, valuing Sightline over $1 billion post-money. Sightline, a leader in cashless gaming solutions, has over 1.5 million accounts and is positioned for growth in the expanding digital payments market within the gaming industry. Cannae's Chairman, William P. Foley, II, expressed confidence in Sightline's potential to lead in the digital transformation of North American gaming.

Positive

• Cannae led a significant $270 million funding round in Sightline Payments, reinforcing its investment strategy.
• The investment values Sightline at over $1 billion, indicating strong market confidence.
• Sightline's cashless gaming solutions are well-positioned in a rapidly growing gaming market projected to exceed $100 billion.

Negative

• None.

Cannae Holdings, Inc. (NYSE:CNNE) (“Cannae” or the “Company”) today announced that the Company has led a $270 million funding round in Sightline Payments (“Sightline”) having invested $240 million. This investment follows Cannae’s $32 million investment earlier in 2021 and values Sightline at more than $1 billion, post-money.

Gaming is one of America’s last cash-centric businesses, with hundreds of billions of dollars running through casinos annually. Sightline Payments was founded over a decade ago by Omer Sattar, Tom Sears, and Kirk Sanford to give consumers a way to safely and securely fund their online gaming experience, starting with New Jersey’s launch of online gaming in 2013. Sightline has helped power the exponential growth of sports betting after the Supreme Court overturned the federal ban in 2018 and continues to lead the industry in innovation by launching cashless gaming in brick-and-mortar casinos.

William P. Foley, II, Chairman of Cannae, commented, “After seeing Sightline’s groundbreaking technology firsthand at the recent launch of Resorts World Las Vegas, I am more bullish than ever about Sightline’s ability to be at the forefront of the digital transformation afoot in the North American gaming, sports, and entertainment ecosystem. Gaming is poised for a cashless revolution and Sightline is positioned to be a leader. I look forward to helping Sightline continue their tremendous growth.”

This $270 million round is Sightline’s second round in 2021 having closed an earlier $100 million funding round in April, as part of which Cannae invested $32 million. Building upon Sightline’s growth in the gaming and hospitality sectors, Sightline recently acquired JOINGO, the casino gaming industry’s top mobile engagement and loyalty platform.

About Cannae Holdings, Inc.

Cannae Holdings, Inc. (NYSE: CNNE) is engaged in actively managing and operating a group of companies and investments, as well as making additional majority and minority equity portfolio investments in businesses, in order to achieve superior financial performance and maximize the value of these assets. Cannae’s current principal holdings include Dun & Bradstreet Holdings, Inc. (NYSE: DNB), which completed a successful business transformation and IPO. Cannae holds approximately 68 Million shares of Dun & Bradstreet or an approximately 16% interest. Cannae’s second principal holding is Ceridian (NYSE: CDAY), which has transformed from a legacy payroll bureau into a leading cloud-based provider of human capital management software. Cannae owns 12 Million shares of Ceridian representing an approximately 8.0% interest. Cannae holds approximately 54 Million shares, or approximately 7.5% of Paysafe (NYSE: PSFE), as well as 8.1 Million Paysafe warrants. Cannae also holds approximately 50 million shares, or approximately 9.6%, of Alight, Inc (NYSE: ALIT), as well as 8 million Alight warrants.

About Sightline Payments

Sightline Payments is the U.S. sports betting and casino gaming market’s leading digital payments provider and mobile app developer. Sightline leverages cutting-edge technology to apply modern solutions to a traditionally cash-based industry projected to grow to more than $100 billion in the next few years. Sightline’s Play+ solution gives consumers a safe, secure, and responsible way to fund their online and in-person gaming activities and enables casinos to offer cashless wagering options across the entire property. With more than 1.5 million accounts and 70+ partners across the sports betting, lottery, racing, and online and brick-and-mortar casino markets, Sightline is uniquely positioned to transform the traditional gaming landscape. Learn more at SightlinePayments.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210817005746/en/

FAQ

What recent investment did Cannae Holdings make?

Cannae Holdings led a $270 million funding round in Sightline Payments, investing $240 million.

What is the valuation of Sightline Payments after Cannae's investment?

Sightline Payments is valued at over $1 billion post-money following Cannae's investment.

How does Cannae's investment in Sightline Payments relate to the gaming industry?

Cannae's investment supports Sightline's cashless gaming solutions in a growing industry projected to surpass $100 billion.

What previous investment did Cannae Holdings make in Sightline Payments?

Cannae previously invested $32 million in Sightline Payments in 2021.