Playtech to Distribute Quickspin Content Following Acquisition
Casino software providers, Playtech and Quickspin, have signed an agreement for Playtech to acquire Quickspin and all its content. Announced just a week after Playtech reported that it has achieved its expected growth in the first 53 days of this year, the Isle of Man-based software provider will pay up to six times Quickspin’s earnings before interest, tax, depreciation and amortisation (EBITDA) up to a cap of €50 million.
Playtech will pay €24 million up front, followed by a maximum consideration of up to €26 million which will be calculated according to Quickspin’s EBITDA for 2017 and 2018. For the year ending December 31, 2015, Quickspin reported EBITDA of €2.1 million and revenue of €6 million.
As part of the agreement, the founders of Quickspin – CEO Daniel Lindberg, COO Mats Westerlund and CPO Joachim Timmermans – will remain with the company for at least three years from the completion of the acquisition.
“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,” announced chief executive at Playtech, Mor Weizer.
“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 for a number of other bolt-on acquisition as well as larger acquisitions in the gaming division, together with discussions for selective bolt-on acquisitions in the financials division.”
Playtech plans to distribute the entire suite of Quickspin’s 20 casino games through its existing distribution channels and across all verticals. The games are currently distributed via 40 B2B customers. This deal will strengthen Playtech’s position in the Nordic gaming market and increase their portfolio of high-quality pokies games.
April 16, 2017