Isle of Man-based gaming software firm Playtech has announced the purchase of Quickspin, a Swedish online games studio developer and supplier of high-quality slots. Stockholm-based Quickspin is a leading player in the social gaming and real money gambling markets. It boasts a portfolio of more than 20 games and provides games to more than 40 customers, including a number of international tier 1 companies.
Playtech has secured a number of new customers recently, with several high-profile games about to be launched. The acquisition has been marked with an initial investment of $26.7 million. Playtech said it would “pay a maximum consideration of 6 times Quickspin’s EBITDA in 2018, subject to a cap of €50m” and claimed the purchase would give the company a “proven virtual slot machine games portfolio”.
Playtech hope the acquisition will strengthen their position as a leading provider of content whilst enabling it to boost its presence in the Nordic region. It aims to distribute Quickspin’s own content through its own channels. Quickspin’s three founders, Daniel Lindberg (CEO), Joachim Timmermans (CPO) and Mats Westerlund (CCO), are to remain with the company for a minimum of three years.
Playtech’s CEO Mor Weizer said: “We are delighted to welcome Quickspin into the Playtech group. 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 Qucikspin brand continue to flourish within the Playtech family”.
The company has also snapped up Funtactix as part of its aims to build more robust links with Hollywood. It says it is currently in talks for a series of further acquisitions in its gaming and finance divisions.