Playtech looking to expand their portfolio with Quickspin’s 20 exciting video slots.
On Tuesday, May 24, the leaders in providing solutions for online gaming, Playtech have issued a statement saying that they decided to say yes to the acquisition of Quickspin, a Swedish online gaming studio specialized in developing slots. The newly-acquired slot studio will cost them €50 million and Playtech executives hope that the new games that will be added to their portfolio will be worth the investment.
Expanding the Slots Portfolio
Playtech have obviously set Nordic market as their next target, which is probably why they have decided to invest a part of their cash resources in Swedish video slots provider Quickspin. Based in Stockholm, the said provider offers around 20 games which include both real-money and social gaming slots delivered in high technology and exciting stories such as The Three Musketeers, Treasure Island, action-packed The Wild Chase and others. Currently, Quickspin can boast the fact that last year they generated revenue of €6 million and they are said to grow in the years to come. Playtech saw this as an opportunity and decided to invest €50 million in this new acquisition. However, they wanted to secure their interests so they will make one payment of €24 million and the rest will be paid on the basis of Quickspin’s projected earnings in 2017 and 2018.
Nevertheless, the executives of Playtech are optimistic about the growth of their new acquisition which is confirmed in the statement of Mor Weizer, Chief Executive Officer of Playtech: “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 Qucikspin brand continue to flourish within the Playetech family”.
Playtech Is Not Stopping
Wezier also added a few words on Playtech’s plans for the future: “Playtech remains in active discussions for a number of other bolt-on acquisitions as well as larger acquisitions in the Gaming division, together with discussions for selective bolt-on acquisitions in the Financials divisions.” It seems that Playtech are devoted to expanding their portfolio and they are not giving up in spite of the recent failure to acquire Canadian OpenBet which eventually went into the hands of NYX Gaming Group.
Another proof that Playtech are holding onto their position of leading online gaming providers is the fact that the players have voted them Best Online Bingo Software and Best Unique Video Game on WhichBingo Awards. The award for Best Unique Video Game was awarded to Playtech’s Cash Cubes, a mobile bingo variant. These are just a couple of awards among many that Playtech received based on players’ opinions. Having in mind that the votes come from the players this is a true confirmation of their dominance in the online gaming market.