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LeoVegas has secured a majority stake in development studio Push Gaming in the latest commercial move for its LeoVentures investment arm.
The Swedish company has outlined a strategy of investing in game content creation and distribution to support its own international expansion plans, with the group emphasising that the development ‘leapfrogs’ its exposure into slots content.
In addition to securing access to Push’s game portfolio, LeoVegas will also utilise the firm’s proprietary technology, intellectual property and ‘development expertise’ to strengthen its own production capabilities.
Gustaf Hagman, LeoVegas CEO, said: “I’m thrilled to welcome Push Gaming to our extended family! The management team has been on a phenomenal journey, growing the company rapidly from a small start-up to a leader in its field” LeoVegas Group CEO Gustaf Hagman said.
“Push Gaming has an outstanding track record, proprietary tech, and fantastic intellectual property that will ensure we give customers the very best, cutting-edge entertainment.”
LeoVegas’ new focus on slots has seen the company acquire a German licence this year. Meanwhile, other investment developments saw the group offload its stake in B2B igaming start-up BeyondPlay to Bettor Capital for €1.9m in February.
Following the acquisition of the majority stake, Push Gaming will remain an independent entity within the LeoVegas Group, continuing to be managed by its own team and retaining its staffbase of over 100 employees.
The company’s games will be developed and distributed by Push’s own in-house platform and remote gaming server, whilst co-Founders Winston Lee and James Marshall will retain their current positions as COO and CEO of the firm.
Marshall remarked: “I’m incredibly proud of what we have achieved to date and this deal is a testament to the work that our team have put in, taking us from start-up to a leading supplier with some of the most recognised games in our industry.
“We have ambitious plans and we can now supercharge our growth with the backing of LeoVegas and MGM. We look forward to scaling-up our development capabilities, entering new markets and taking our products to the next level.”
LeoVegas was itself the subject of an acquisition earlier this year when US betting and gaming giant MGM Resorts purchased the former Stockholm-listed gambling group for €575m in August.
Since integrating into MGM’s international brand portfolio, LeoVegas has continued to trade at a steady pace, recording revenue growth of 1% to €99.5m in its final Q4 financial report as a Nasdaq enterprise (Q4 2021: €98.2m).
