GiG Software To Help Raise Funds In 888Africa Deal
GiG Software has announced plans to raise €8.5m million to help fund an €16.4m acquisition of an 80% stake in 888Africa, marking the Nasdaq First North-listed platform provider's first move back into consumer-facing gambling since it split into a pure B2B business in 2023.
GiG said in a stock exchange announcement on August 26, 2026, that it has agreed principal commercial terms with Virtual Emerging Entertainment Limited, a subsidiary of Evoke plc, to acquire 80% of 888 Africa Limited for approximately €16.4m, subject to regulatory approvals and a signed share purchase agreement.
The consideration is split into an initial payment of around €6 million and deferred consideration of about €10.4m. The remaining 20% of 888Africa will stay with its founders, who continue to run the business day to day.
Funding The Purchase
GiG intends to raise the €8.5m through a directed share issue and convertible loan agreements, split roughly 70/30 between equity and loans, bypassing existing shareholders' preferential rights.
The company said a directed issue can be completed faster and more cheaply than a rights issue, and reduces the risk of hurting the trading price of its depository receipts on Nasdaq Stockholm.
Net proceeds will cover the initial payment for the acquisition, with any surplus going toward general corporate purposes. GiG said it will confirm the outcome of the fundraising and the acquisition's detailed terms in a further release once definitive agreements are signed.
A Return To B2C In Africa
GiG described 888Africa as a "cash-generative, profitable, fast-growing B2C operator" and said the enlarged group expects combined 2026 revenue of €44m to €48m, with adjusted EBITDA of €5m to €7m, assuming a full fourth-quarter contribution from the newly acquired brand.
888Africa was created in 2022 when Evoke licensed its 888 brand to a joint venture focused on African markets.
The acquisition gives GiG its first consumer-facing sports betting brand since it spun off its former media division, now known as Gentoo Media, in 2023 to focus purely on B2B platform and services work.
