Better Collective has acquired a further 70% of shares in Mindway AI, taking its total ownership to 90% of shares in the Denmark-based software company.
The acquisition, which has been valued at 17 million DKK, follows on from a preliminary investment made by Better Collective in 2019 when the affiliate acquired 19.99% of the company.
As a result of the purchase, Mindway AI will continue to operate as a stand-alone company within the Better Collective Group.
“Responsible gambling remains a strategic focus area for Better Collective where we continue to increase our efforts,” said Jesper Søgaard, CEO of Better Collective.
“We see Mindway AI’s technologies and software solutions as best-in-class and foresee the business will play an increasingly important role in the iGaming ecosystem, as responsible gambling continues to be at the very top of the industry agenda and in society as a whole.
“It has been impressive to follow the strong development of the company over the last year since our initial investment and I am excited to further build on the promising collaboration we have established and to find new areas where our core competencies can be crossed and utilized for the benefit of the partners and players.“
By purchasing further shares, Better Collective explained that the acquisition forms part of its strategy to ‘make betting more safe’. The remaining 10% of shares will be held by Kim Mouridsen, Founder of Mindway AI and Professor at Aarhus University.
Mouridsen will remain on the company’s board in his role of Chief Scientific Officer, while Rasmus Kjærgaard – who joined Mindway AI in December 2019 – will continue as the company CEO.
Kjærgaard added: “I am excited that Mindway AI now joins the Better Collective Group, an organisation that shares our purpose and values and has a genuine wish to create a safe and sustainable betting and gambling environment for players worldwide.
“With this investment, we now form closer ties to an organisation that has the industry network and muscles to further accelerate the development of our business. I look forward to continuing the strong growth journey Mindway AI has been on and to further expand our footprint globally.”