Quickspin Accquired by Playtech
Playtech has reported that the deal to acquire Quickspin is now finalized. Playtech agreed to pay the maximum of $55.9 million for Quickspin, which is considered to come to around six times Quickspin’s turnover before tax. The agreement comprises of an initial agreed payment of $24 million upfront and a further $26 million that will be based on up to six times the earnings reached by Quickspin during 2015.
The founders of Quickspin, Joachim Timmermans the CPO and Daniel Lindberg who is the CEO have agree to stay on for another three years. For Playtech the new deal enables the leading developer to strengthen their presence in the Nordic markets. Currently Quickspin provide over 40 online casinos with their games and has created over 20 slots. Its most popular video slot titles include Second Strike, Treasure Island, Razor Tooth, The Wild Chase and Genie’s Touch. Quickspin’s brand-new game based on the minions called Spinions is scheduled for release on the 14th of June. Spinions video slot offers re-spins, free spins, wilds and scatters and is inspired by good times spend on the beach.
For the year ending on the 31st of December 2015, Quickspin generated revenue of $6.0 million and is forecasted to show tremendous growth over the next years. Playtech is ensured to enjoy a proven games library and is planning to distribute the content across its existing channels.
The Chief Executive Officer at Playtech, Mor Weizer shared with the press how delighted the company are to welcome Quickspin to their group. With Quickspin recognized as a leading and fast growing supplier of games the new deal reinforces Playtech’s place as one of the top leaders in the industry.
While a sizable cash amount was put aside by Playtech for acquisitions this year they did miss out on the opportunity to purchase OpenBet who was recently acquired by NYX Gaming, the deal was supported by financial assistance from Sky Betting & Gaming and William Hill. Only a week ago it was reported by Globes that Playtech was laying off 150 up to 200 employees at its Xwise Israeli subsidiary, which is a huge percentage of the companies Israel employees. Playtech’s has a $3.9 billion market cap according to Globes.