Irish finance magnet Dermot Desmond has invested £1.3 million (€1.5 million) in London AIM listed igaming systems provider GAN.
Updating the market, GAN governance revealed that Desmond’s IIU Nominees (IIU) had purchased +3 million shares in the firms new share placement. Desmond’s purchase sees IIU take an approximate 5% equity in GAN.
GAN governance stated that the funds would be used to accelerate the firm’s product development and continue its commercial which had seen significant demand in its ‘simulated gaming’ services from US based clients.
Today, in an interview with the Irish Times GAN CEO Dermot Smurfit Jnr revealed that his firm were in ‘advanced talks’ to bring a ‘major US casino’ operator to launch online gambling services in Europe and Asia.
Commenting on his firms new investment, Smurfit Jnr was pleased to welcome Dermot Desmond stating to Irish business news sources that his company had gained an ‘astute investor’ with a proven track record of investment within gambling markets. Smurfit Jnr would further add that Desmond investment “validates our strategy and technology which will deliver significant incremental value for shareholders over time”
Desmond has prior industry investment experience as a major shareholder in Ladbrokes, and having held majority ownership in online betting exchange BETDAQ which was sold to Ladbrokes for circa €30 million in 2013.