Jadestone completes management buyout
Swedish developer now entirely owned by current management team.
Swedish developer Jadestone has completed a management buyout from former parent company Paf, meaning that it is now 100% owned by its management team.
The deal covers all staff, gaming platforms, intellectual properties and other resources employed by the company, which earlier this year inked a casino agreement with Paf.
Jadestone’s involvement with the à land Islands operator had dated back to 2006, and Jadestone CEO Robert Henrysson said: “Our relationship with Paf has been invaluable for our growth into an established player on the global online gaming arena.
“However, the synergies have diminished as Paf concentrates on the consumer business while Jadestone’s focus is on B2B gaming platforms,” added Henrysson, suggesting that “We certainly expect that Jadestone will continue to be a key provider of popular games to Paf.”
Tobias Nissen, business development director for the Swedish company, admitted: “We’re clearly leaving a safe harbor, but for true entrepreneurs like us, nothing beats steering your own ship.
“We hope and believe that the independence and flexibility now gained will enable us to serve and delight both current and new clients even better,” added Nissen.
In the last 12 months Jadestone has signed a number of new deals, including a casino and skill game supply deal with Microgame and an extension of its contract with Unibet until 2013.