Playtech closes deal to acquire Quickspin

Playtech reportedly paid US$55.7 million for Quickspin’s shares.

British online gaming and sports betting software supplier announced the acquisition of the Swedish game studio.

UK.- Playtech, the British online gaming and sports betting software supplier announced it closed a US$ 55.7 million deal to acquire Quickspin, the Swedish game studio.

Playtech will pay the agreed amount in two installments. A portion of this sum will be paid over the next two years, based on Quickspin’s EBITDA. In the meantime, Playtech will be able to distribute the titles produced by the Swedish game studio through its existing channels across the entire network of casinos.

Quickspin founders, Daniel Lindberg, Joachim Timmermans and Mats Westerlund, will remain with the company for a minimum of three years. Both companies expressed their enthusiasm for the acquisition and are optimistic about Quickspin thriving under the new brand.

Playtech powered the first European land-based casino back in 2002. This deal reassures the supplier’s commitment to online gambling, as it aims to consolidate the company’s position in the European market by delivering first-rate services and products to its clients.

As Quickspin added more games to its portfolio in the past two years, the company’s revenue increased significantly. Currently, Quickspin offers 20 high quality video slots becoming an appealing catch to Playtech. The British supplier tried and failed to acquire AvaTrade and Plus500.