International Game Technology, a New York-listed online casino content provider, has revealed a firm agreement to acquire a prominent developer, iSoftBet. The price will be €160m in cash, and the acquisition is expected to expand IGT’s library more than twice. After the purchase, its game portfolio will grow to about 225 games developed in-house, and it will obtain a game aggregation platform. It will help the company distribute third-party releases and user-engagement tools. The transaction is the beginning of a new life for the enterprise, offering multiple new business opportunities for everyone involved.
The job is anticipated to be done in the second quarter of 2022 after the customary closing conditions have been determined. The officials indubitably have great expectations from the latest deal. Vince Sadusky, IGT CEO, has stated the deal will bolster PlayDigital’s market position with a top-notch content portfolio in both North America and Europe. IGT provides state-of-the-art technology and games to the entire iGaming community. Customers will be delighted after it obtains all smash-hit games from iSoftBet and offers them to its users. Another successful business move is on the horizon for the New York-based company.
In addition, iSoftBet generated a €30m revenue during the last year, together with €8m EBITDA. The company has a library of 125 in-house games, with more than 4,600 third-party games provided through the platform. Its primary locations are in Malta, England and Romania, with 350 contractors and employees. Furthermore, the firm has 260 iGaming partners, and the games are certified by many regulators. iSoftBet has developed an immaculate reputation over the years, which will likely help obtain new customers. The respect, curiosity and passion the company looks to nurture will carry on to the latest business deal.
On the other hand, IGT looks to maintain its leadership in the iGaming sector. Delivering responsible and entertaining experiences via all regulated segments and channels has been its job for years. Creating great content and investing in innovation, the firm develops unrivaled solutions in the industry. The enterprise utilizes expertise, cutting-edge technology and player insights to deliver unmatched experiences and drive growth. IGT has established a phenomenal local presence and fostered exquisite relationships with regulators, governments and clients. All its 10,000+ employees adhere to the highest responsibility, service, and integrity standards. Everyone at the company believes the best is yet to come regarding the new deal.
There is no reason to doubt the deal will fall through, for respectable companies are taking care of the business. Oakvale Capital LLP is the leading financial advisor to IGT, while KPMG LLP will be its financial and tax due diligence advisor. Additionally, Wachtell, Lipton, Rosen and Katz will be an advisor to IGT. Conversely, M.Firon & Co and Wiggin LLP will serve as advisors to iSoftBet. IGT signed an agreement to sell its payment business to PostePay for $700m in February 2022. Both companies look to experience stable growth and expansion through this agreement, cementing their leadership in the iGaming sector.