Playtech Acquires Swedish Slots Developer Quickspin
Online gambling technology giant Playtech have been on the acquisition triail after their failed Plus500 bid and more recently their unsuccessful OpenBet bid which saw rivals William Hill swoop in to claim the prize.
With plenty cash to spend they announced they have stuck a deal to purchase Swedish slots developer Quickspin AB. In terms of the deal Playtech will pay €24 upfront and a €26m based on a maximum of six times of Quickspin’s 2018 revenues.
Quickspin has over 20 games in their portfolio and has both slots for real money and social gaming markets. In terms of revenues Quickspin earned €6m in revenues in 2015 and reported earnings of €2.1m.
CEO of Playtech Mor Weizer explained the acquisition and said that Quickspin’s portfolio of games would strengthen Playtech’s position on the Nordic Markets, and would distribute Qucikspin’s content via their existing distribution channels on multiple verticals.
He went on to say,” Quickspin is a fast-growing and leading supplier of the highest quality games to the highest quality operators, strengthening Playtech’s position as the leading platform and content provider in the industry. We look forward to working with the Quickspin team and to see the Quickspin brand continue to flourish within the Playtech family.”
As part of the deal the three Quickspin founders will all remain at the company for at least three years after completion.