Playtech, one of the top Online gambling technology providers has signed a deal in a recent move to acquire Sweden based slots developer Quickspin AB. Playtech said in an official statement recently that it has agreed to churn out €24m upfront for the acquisition. The consideration worth €26m owing to Quickspin’s 2018 earnings is on the cards. Quickspin made a whopping revenue of €6m in 2015.
Stockholm-based Quickspin - led by CCO Mats Westerlund, CPO Joachim Timmermans and CEO Daniel Lindberg, has agreed to continue with the entity post acquisition. They will stick around for a period of 3 years after the deal is wrapped, as per the news.
Playtech says the acquisition will boost its portfolio of casino slots and also improve its stronghold in the Nordic markets. Quickspin now has about 20 game titles and Playtech has plans to distribute this content by means of its prevalent distribution channels.
Mor Weizer, the Playtech CEO said with delight that adding Quickspin to its acquisitions list is beneficial for the entity. The CEO added the company is also eyeing some more potential companies for future gaming related acquisition possibilities.
Playtech has adequate financial resources, stacked up for such acquisitions. However, in the past the company could not succeed in its effort to acquire OpenBet, a rival gambling technology provider. The deal was eventually grabbed by the NYX Gaming Group. Playtech has indicated that it may think of returning a part of the surplus money to its shareholders in case a major acquisition deal does not work out.