Playtech Expands Nordic Presence with €50m Quickspin Acquisition

May 25th, 2016

SHARE

Playtech Expands Nordic Presence with €50m Quickspin Acquisition

Gambling software giant Playtech has confirmed their acquisition of the Swedish-based software studio Quickspin for a cool €50 million. The move follows suit with Playtech's goals of expanding their regional influence, in this case expanding into the budding Nordic gambling scene.

Quickspin touts a few of the world's top casino game offerings as well as a €6m revenue from 2015 alone so it's easy to see why Playtech was so eager to add this studio into their fold. Playtech is also fully expecting significant growth within the newly acquired studio moving forward as well, a main motivation behind the somewhat rushed deal.

Playtech Looks to Move On from 2015 Misses

Playtech is considered by many the most elite software conglomerate on the face of the planet as they tout the biggest partners, the most famous games, a wealth of award winning subsidiaries as well as a website that literally states they are "the world's largest gambling software and services supplier." To say Playtech is a fully comprehensive software company is still an understatement.

It should come as no surprise the major software supplier continues to try to expand it's company anyway they can. Playtech spent 2015 looking to expand its offerings with massive, yet unsuccessful acquisitions bids. The first and most notable failed acquisition attempt of 2015 was Playecth's pursuit of Plus500, an online foreign exchange trader. They offered around €700 million for the successful trader site but talks broke down in November of last year.

The second recorded acquisition fail involved the Forex broker Ave Trade. Playtech offered a much more reasonable €105 million bid but these talks fell through as well late last year. Playtech was also rumored to be interested in acquiring the sportbook software supplier OpenBet but NYX Gaming and William Hill partnered to secure that deal before Playtech could.

Playtech Offers up to €50 Million

Moving on from the misses in 2015, Playtech opened 2016 with their announcement of the potential €50 million Quickspin acquisition. Playtech did not actually agree to give €50 million for Quickspin but instead opted to pay a maximum of six times Quickspin’s EBITDA in 2018, subject to a cap of €50m.

Playtech will pay an initial payment of €24m for 100% of Quickspin's shares then the remaining money will be paid on an earn-out basis based on Quickspin’s EBITDA earnings in 2017 and 2018. Playtech CEO, Mor Weizer, explained this move only puts them back on track to acquiring all the top offerings they can:

"We look forward to working with the Quickspin team and to see the Quickspin brand continue to flourish within the Playtech family. Playtech remains in active discussions for a number of other bolt-on acquisitions as well as larger acquisitions in the gaming division, together with discussions for selective bolt-on acquisitions in the financials division."

What Quickspin Brings to the Table

A motivator behind this deal was Playtech's drive to continue worldwide expansion. Quickspin is one of the top software presences in Sweden as well as the whole Nordic region. Playtech saw this Quickspin acquisition as an easy way to move into a prominent role within that region. Many consider the Nordic region a budding gambling scene as major Swedish-based brands like Leo Vegas and Mr Green continue to dominate the industry's awards and recognitions.

The most obvious advantage - outside of regional expansion - Quickspin brings to Playtech is their stellar line-up of topnotch casino game offerings. Quickspin has cut their teeth making some of the most popular slot games on the market. Connecting with the nostalgia of childhood, Quickspin turned to classic novels and memorable fables for inspiration to some of their most popular titles.

Quickspin's talented team of developers created the timeless Goldilocks and the Wild Bears slot game, as well as other notable titles like Big Bad Wolf and Rapunzel’s Tower. But they didn't stop there, producing other notable titles like the Beowolf and Treasure Island slot games.

All in all, Playtech is gaining a dedicated team of some of the world'd most talented game designers. Combining Playtech's influence and resources with the minds behind Quickspin is what has so many industry veterans excited about this deal.

To Check out some of Quickspin's topnotch slot titles, visit Bet365 Casino today!

Casino News Articles


New Online Gambling Lobbying Group Launched in US
New Online Gambling Lobbying Group Launched in US

Online gambling has always been a contentious issue for many politicians in the United States, but a new lobby group is hoping to change their attitudes and views it. Known as the i-Development and Ec ... Read More

Play the Latest Slot Game Titles to Hit Mr Green Casino
Play the Latest Slot Game Titles to Hit Mr Green Casino

The inventive Mr Green has expanded its large selection of online slot games with the addition of IGT’s Smash the Pig and Yggdrasil Gaming’s Sunny Shores. The two online slots went live last month and ... Read More

Evolution to Launch Biggest Live Casino Progressive Jackpot
Evolution to Launch Biggest Live Casino Progressive Jackpot

In the ever-competitive world of online casino gaming, we all know that size matters. To help distinguish themselves from the competition, casino brands are hiking up their jackpot prizes so it's no s ... Read More

Player Wins £1.36m Progressive Jackpot on 25p Mobile Spin
Player Wins £1.36m Progressive Jackpot on 25p Mobile Spin

One triumphant player spinning from her mobile device managed to win £1.36 million from a single bet on Playtech’s popular Gladiator slot. The player won a grand total of £1,365,870 after making an in ... Read More

Yggdrasil Earns Slot Provider Honors at EGR B2B Awards 2017
Yggdrasil Earns Slot Provider Honors at EGR B2B Awards 2017

Swedish games developer Yggdrasil has come up trumps, taking the honours in the 'Slot Provider of the Year' category at the 2017 EGR B2B Awards. The achievement is doubly satisfying as Yggdrasil won i ... Read More

Life-Changing Mobile Progressive Jackpot Wins on the Rise
Life-Changing Mobile Progressive Jackpot Wins on the Rise

Mobile casino sites, dedicated casino applications and even mobile-first casinos are taking the web by storm in 2017 as mobile devices engulf an even larger portion of our attention. This growth in mo ... Read More

Casino Navigation

Newsletter

Sign up for the free Gambling.com Newsletter to stay on top of all the best bonuses!
We will never share or misuse your personal information. Privacy Policy

Latest Casino News

CasinoGuides

Country Guide