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Playtech to Acquire Slots Developer 2 for €50 Million
By Brodey Sheppard - May 27, 2016
Ready you best slot bonus promos! Major betting software developer Playtech have struck a deal to purchase Swedish gaming studio Quickspin AB as part of its strategy to expand its global reach.
An Acquisition Deal with a €50 Million Price Tag
Under the agreement, Playtech will pay a maximum consideration of six times Quickspin’s earnings before interest, tax, depreciation and amortisation (EBITDA). This is subject to a cap of €50 million.
Playtech stated that it had agreed to pay €24 million upfront to acquire Quickspin. This initial payment covers 100% of the shares of Quickspin on a cash-free and debt-free basis. The remaining maximum consideration of €26 million will be payable on an earn-out basis, in reference to Quickspin’s EBITDA in 2017 and 2018. Quickspin reported revenue of €6 million and earnings of €2.1 million in 2015.
About Slots Developer Quickspin Pty Ltd
Established back in 2011, Quickspin is a fast-growing company in the gaming industry that is known for developing easy to play video slot games for both real money betting online, as well as social gaming markets. So far, Quickspin has released more than 20 slots games. The company has also signed content distribution agreements with more than 40 B2B customers, including international top-tier betting operators.
The founders of the Stockholm-based Quickspin – all industry veterans who are highly regarded in the online betting market – have agreed to stay with the company for at least three years following Playtech’s acquisition. These founders are chief executive officer Daniel Lindberg, chief performance officer Joachim Timmermans and chief commercial officer Mats Westerlund.
Building a Strong Slots Games Portfolio
Playtech stated the acquisition of Quickspin will provide it with a strong portfolio of virtual slot machine games, which the company plans to distribute through its existing channels across all verticals. It will also strengthen Playtech’s position as the leading content provider in the betting industry, as well as providing greater reach in the Nordic region.
Mor Weizer – chief executive of Playtech – said in a statement published by Quickspin: “Quickspin is a fast-growing and leading supplier of the highest quality games to the highest quality operators, strengthening Playtech's position as the leading platform and content provider in the industry. We look forward to working with the Quickspin team and to see the Quickspin brand continue to flourish within the Playtech family.
“Playtech remains in active discussions for a number of other bolt-on acquisitions as well as larger acquisitions in the gaming division, together with discussions for selective bolt-on acquisitions in the financials division.”
Playtech’s Global Expansion
Playtech was founded way back in 1999. Now, it is an entity that is arguably the world's largest betting software and services supplier. As of February 2016, Playtech has more than 5,000 people in 13 countries and territories. Playtech is known for online bingo games, online sports betting, online poker rooms, live dealer games and fantastic new mobile slots games.
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At present, Playtech boasts ample funds it has earmarked for large business acquisitions. The company, unfortunately, missed out on a bid to snatch rival OpenBet. OpenBet was acquired by NYX Gaming for £270 million, with the help of Sky Betting & Gaming and betting operator William Hill.