IGT Plc has moved to expand its B2B online casino offering, by securing definitive terms to acquire Malta-based online casino solutions provider iSoftBet.
This afternoon, the board of IGT notified investors that it has agreed a €160 million cash deal to acquire iSoftBet – undertaking an acquisition that will “more than double the IGT PlayDigital content library to approximately 225 proprietary games”.
In addition, IGT will further bolster its online casino inventory by acquiring iSoftBet’s proprietary-built aggregation platform to distribute third-party games to clients, and the developer’s data-led promotional and user engagement tools.
The deal represents IGT’s first online casino centric acquisition since its former GTECH unit acquired mobile games supplier Probability Inc in 2014 for £20 million.
Publishing its FY2021 results, IGT disclosed that it had secured a €950 net-cash profits, having completed the divestment of its Lottomatica Italian gambling subsidiary to Gamenet Group. The company declared that all FY2021 profits would be used to redevelop IGT’s new online gambling profile under the new leadership of Group Chief Executive Vince Sadusky.
Completing his first M&A transaction as IGT CEO, Sadusky stated: “The acquisition of iSoftBet will provide market-tested proprietary digital content, advanced game aggregation capabilities, scalable promotional tools, analytics and strong creative talent to IGT’s PlayDigital operations.
“This will enhance PlayDigital’s competitive capabilities with a proven, complementary content portfolio across Europe and North America as we provide best-in-class games and technology to our fast-growing igaming customers.”
Launched in 2010, iSoftBet has become a leading games and aggregator solutions provider, that currently services a B2B client base of +260 operators with its range of 125 proprietary games, and access to more than 4,600 third-party titles through its game aggregation platform.
During FY2021, the Malta business generated revenue of approximately €30 million and EBITDA of €8 million.
Dealmakers expect to close the acquisition by Q2 2022, which will see IGT will expand its online casino and games operations incorporating iSoftBet’s 350 employees who work across 20 European jurisdictions.