GTECH completes Probability acquisition
Technology supplier finalises £18m purchase of mobile casino developer less than three months after making its initial bid
GTECH has completed its acquisition of mobile casino developer Probability and will now look to advantage of an international egaming market “characterised by the dominance of mobile”.
GTECH made a cash bid of 50p per share in February for the entire issued share capital of Probabilty, valuing the firm at around £18m.
The deal has now been completed after receiving approvals from shareholders and regulatory authorities in Gibraltar, Italy and Great Britain.
GTECH completed the acquisition through its subsidiary GTECH UK Interactive, and Probability will operate as a wholly owned subsidiary of GTECH UK.
Renato Ascoli, president of products and services at GTECH, said the deal was a “logical stepping stone” as the firm looked to build on its mobile gaming strategy both in the US and in international markets.
“Probability’s unique content service offerings and its exclusive game development and management platform will further advance our mobile strategy,” Ascoli said.
Probability CEO Charles Cohen said the two firms would now be positioned to take advantage of a gaming market “characterised by the dominance of mobile”.
“This acquisition will facilitate the immediate pooling of knowledge and expertise currently within GTECH and Probability, allowing us to accelerate deployment of existing game technology into the mobile market as well as pursue cross-selling opportunities,” Cohen said.
The deal will also see GTECH boost its share of the Italian gaming market. While GTECH recently reported revenues in the country to have fallen, Probability fared much better having recorded 36% sequential growth in net gaming revenues in the country.