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IGT completes €160m Takeover of iSoftBet
By Shane Addinall Jul 09, 2022 IndustryWhen two brilliant companies join forces, the iGaming world can expect thrilling results. IGT, the American gambling company, and European software provider iSoftBet concluded their M&A agreement to bring gamblers better options.Leading casino games provider International Game Technology (IGT) confirmed the completion of its iSoftBet acquisition. The New York Stock Exchange-listed company strategically increased its iGaming content library to improve its position in the competitive market. As required, the IGT board informed its shareholders of the completed cash deal worth €160 million.
iSoftBet, a Maltese-based software provider, agreed to a takeover with IGT in April 2022. The acquisition gives IGT full control of the company that offers proprietary igaming titles, third-party aggregation in online gambling, and back-office solutions while boasting a list of licences with top gambling authorities.
Big Stakes, Big Rewards
IGT set its sights on becoming a more competitive provider in the igaming sector, and the iSoftBet takeover positions them well for this. The slot machine and lotto company increased its igaming content offering by more than double through iSoftBet’s current portfolio.
With Oakvale Capital LLP as the lead financial advisor to IGT, the acquisition valued at approximately €160 million closed with no major hold-ups. This is the first M&A deal undertaken by IGT under Vince Sadusky’s leadership, and the company bolsters its PlayDigital library to double its original size, adding another feather to its well-decorated hat.
When commenting on the acquisition, the group CEO said:
“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.”
IGT customers now have 225 proprietary games to choose from, including Piggy Bank Megaways, Colossus Hold & Win, and Gold Digger, with many more to come.
Mutually Beneficial
The iSoftBet addition allows IGT to improve its in-house igaming expertise, and both companies gain through the transaction. Through outstanding igaming solutions from the Maltese software provider, IGT steps up in the highly competitive online gambling world. iSoftBet gained tremendous exposure to its proprietary games with the advantage of IGT’s global coverage.
IGT has a well-established presence in the USA and healthy relationships with governments and regulators in over 100 countries around the world. iSoftbet has a stellar reputation in the igaming industry with unique content and exceptional aggregation solutions.
The provider is not only certified by the reputable Maltese authority but also with some of the toughest regulators like UKGC, Spillemyndigheden, Belgium’s gaming authority.
Although the American-based company now owns iSoftBet, the Maltese software provider continues to operate from its base and remains intact. The 350 employees who work across 20 European jurisdictions will continue with their inspirational work while collaborating with their 10,500 IGT colleagues remotely. The partnership brings a wealth of experience and industry knowledge together, leading to exceptional outcomes.
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