Industry leading gambling technology provider Playtech completes its first major acquisition of 2016, by confirming that it has agreed to acquire Swedish igaming and social games content developer Quickspin AB for a maximum consideration of €50 million.
Founded by the executive team of Daniel Lindberg (CEO), Mats Westerlund (CCO) and Joachim Timmermans (CPO) in 2011, Quickspin has become one of the fastest growing igaming content developers with a portfolio of over 20 games serviced to 40 industry clients.
In 2015, Quickspin generated revenue and adjusted EBITDA of €6m and €2.1m respectively for its full-year performance.
Detailing terms Playtech governance are prepared to pay a maximum six times Quickspin’s EBITDA earnings subject to a €50 million deal cap.
Quickspin will receive an initial payment of €24million for its assets, with the remaining value to be paid in tranches relating to the company’s future EBITDA performance for 2017 and 2018 results.
Playtech confirmed that Quickspin’s founding executive team would remain in charge of the business for a minimum period of three years.
Announcing the deal Playtech CEO Mor Weizer stated
“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 Quickspin brand continue to flourish within the Playtech family,”
“Playtech remains in active discussions with some 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,”