Paf acquires Mandalorian Technologies in record purchase to boost Sweden market share
Åland-based operator purchases the No Account Casino brand
Paf has completed a record deal to acquire Swedish-licensed egaming company Mandalorian Technologies for an undisclosed fee.
The deal will make Paf one of the 10 largest gambling operators in Sweden, having gained access to Mandalorian’s No Account Casino, No Account Bet, Prank Bet and Prank Casino brands.
Established in 2018, Mandalorian Technologies is headquartered in Malta, employing around 20 people.
Mandalorian is licensed in the Maltese and Swedish markets, having obtained the latter licence when the market opened in 2019.
Speaking to EGR, Mandalorian Technologies CEO Matthew Bonnici said: “We are happy to be part of Paf and become a long-term winner in Sweden through this strategic transaction.
“The long process has meant our organisations have gotten to know each other and there is good chemistry,” he added.
Paf CEO Christer Fahlstedt welcomed the deal, adding he had been greatly impressed by the company over the last 12 months.
“This is a company that did not exist two years ago and their journey has been fantastic,” said Fahlstedt.
“The acquisition of Mandalorian Technologies is a clear signal of Paf’s long-term ambition to be a leader in the Swedish-licensed market,” he added.
Mandalorian Technologies was hit with a SEK9m fine in July after the Swedish Gambling Authority found it had been offering recurring bonuses in violation of Swedish gambling laws.
Mandalorian aligned its AML and responsible gaming policies with those being used by Paf in September 2019, something which Fahlstedt highlighted as an important motivation for the merger process.
“That has been a crucial test for us, to see if they can successfully compete in a tightly regulated market and at the same time stay at the forefront when it comes to responsibility,” said Fahlstedt.
“We are very impressed by the team and we are convinced that Paf and Mandalorian Technologies have a lot to learn from each other, and we will complement each other very well,” he added.