BUSINESS

Playtech acquires slots developer Quickspin for max consideration of €50m

TAGs: Playtech, quickspinp

playtech-quickspin-acquisitionOnline gambling technology providers Playtech have struck a deal to acquire Swedish slots developer Quickspin AB.

In a statement released Tuesday, Playtech said it had agreed to pay €24m upfront to acquire Quickspin, with a further consideration of up to €26m based on a maximum of six times Quickspin’s 2018 earnings. Quickspin reported revenue of €6m and earnings of €2.1m in 2015.

The founders of the Stockholm-based Quickspin – CEO Daniel Lindberg, CPO Joachim Timmermans and CCO Mats Westerlund – have agreed to stay on with the company for at least three years following completion of the acquisition.

Playtech says the deal will bolster its existing slots portfolio as well as strengthen the company’s position in Nordic markets. Quickspin currently provides over 20 game titles to over 40 B2B clients and Playtech plans to distribute Quickspin’s content through its existing distribution channels across all verticals.

Playtech CEO Mor Weizer expressed delight in adding Quickspin to its list of recent acquisitions and said Playtech remained in active discussions for “a number of other bolt-on acquisition as well as larger acquisitions in the Gaming division, together with discussions for selective bolt-on acquisitions in the Financials division.”

Playtech currently boasts a sizable pile of cash it has earmarked for such acquisitions, although the company missed out on its bid to acquire rival gambling technology provider OpenBet, which was snapped up by NYX Gaming Group (with help from William Hill and Sky Betting & Gaming). Playtech has suggested that it will consider returning some of this surplus cash to shareholders if it fails to pull off a major acquisition.

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