Playtech acquires Quickspin for up to £38m
>London-listed supplier says bolt-on acquisition will boost Nordic market penetration
Playtech has acquired Swedish games studio Quickspin for a “maximum consideration” of ?50m (?38.3m), the firm announced this morning.
An initial payment of ?24m (?18.4m) for 100% of Quickspin shares will be made up front, with the remaining ?26m (?19.9m) payable depending on Quickspin’s EBITDA in 2017 and 2018.
Slots provider Quickspin generated revenue of ?6m (?4.6m) and adjusted EBITDA of ?2.1m (?1.6m) in the financial year ending 31 December 2015 and provides games to over 40 customers including Paddy Power, BetVictor, Mr Green and Betsson.
“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,” Mor Weizer, Playtech CEO, said.
The acquisition will provide Playtech with a proven virtual slot machine games portfolio, as well as providing greater penetration in the Nordic region. In addition to Quickspin’s existing customer base, Playtech plans to distribute Quickspin’s content through its existing distribution channels across all verticals.
The founders of Quickspin, Daniel Lindberg (CEO), Joachim Timmermans (CPO) and Mats Westerlund (CCO) will remain with the business for at least three years after completion.
Playtech previously said it was in active discussions for a number of acquisitions within the gaming division, as well as continuing talks for “selective bolt-on acquisitions” in the financials division.
Last year Playtech made a concerted push to expand its financials portfolio after striking a ?333m deal to acquire a majority stake in brokerage firm TradeFX, as well as a ?67m agreement for CFD broker Ava Trade.
It is also understood the supplier acquired London-based games developer and platform provider GECO Gaming earlier this year.