Playtech Acquires Quickspin in $55m DealPublished May 26, 2016 by Florin P
Another major iGaming acquistion announced, as Playtech consolidates its position by acquiring Quickspin in $55 million deal.
Playtech, one of the world’s largest online gaming and sports betting software suppliers, has announced the acquisition of Quickspin. By purchasing the Swedish game studio, Playtech hopes to consolidate its position at the top of the food chain and deliver first-rate services and products to their clients. The company came a long way since powering the first European land-based casino back in 2002 and this acquisition proves its commitment to online gaming.
Impressive Track Record for Quickspin
Quickspin’s revenue increased significantly over the last couple of years, with the Swedish game studio adding more games this portfolio. At the time of writing, they offer in excess of 20 high quality video slots and this caught the eye of Playtech. The latter committed a significant amount of cash for the acquisition, after failing to do the same with AvaTrade and Plus500.
The purchase is supposed to help them appeal to both real money players and online social gamblers. The focus is on the Nordic markets, where Quickspin has a dominant position, thanks to its proven virtual slot machine portfolio.
Playtech to Pay up to $55 Million for Quickspin Shares
The online casino software supplier will pay the staggering amount in two installments; the deal is estimated at around $55.7 million. The rest of the amount will be paid over the next two years, based on Quickspin’s EBITDA. Meanwhile, Playtech will be able to distribute the titles produced by the Swedish game studio through its existing channels across the entire network of casinos.
Daniel Lindberg, Joachim Timmermans and Mats Westerlund are the Quickspin founders and they will remain with the company for a minimum of three years. They know the business inside-out and can provide insightful advice and strengthen Playtech's position as content provider. Both parties expressed their enthusiasm for the acquisition and are optimistic about the Quickspin brand flourishing under the new brand.