Swedish online game developer Quickspin has been acquired by fellow provider Playtech just a few years after its 2011 launch.
Based in Stockholm, Quickspin was established by former Net Entertainment and Unibet execs. In the short time since its entry into the market, the company has cranked out more than 20 games and snared over 40 clients placing its titles in the lobbies of high profile operators like bet365, CasinoLuck, Coral, Guts, VideoSlots and many more.
Playtech will pay a price tag of a maximum consideration equal to 6 times Quickspin’s EBITDA in 2018, which will be capped at €50m. The first payment of €24m will represent 100% of the shares of Quickspin on a cash free debt free basis with the remaining €26m to be paid on an earn-out basis depending on Quickspin’s EBITDA over the course of 2017 and 2018.
Mor Weizer, Chief Executive Officer of Playtech, commented, “We are delighted to welcome Quickspin into the Playtech group. 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. We look forward to working with the Quickspin team and to see the Quickspin brand continue to flourish within the Playetech family”.
The acquisition will further establish Playtech’s position within the online gambling sector as well as extend its reach into the Nordic market.
Original founders, Daniel Lindberg (CEO), Joachim Timmermans (CPO) and Mats Westerlund (CCO), will stay onboard for a minimum of three years from the final sale.