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Aquisitions/Mergers

Gaming Innovation Group signs heads-of-terms to acquire Titan – strengthening SEO and content services

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Gaming Innovation Group Inc. (“GiG”), a leader in digital marketing and media within the online gaming sector, has signed a head-of-terms agreement to acquire Titan Inc. Limited (“Titan”), a premier supplier of SEO and content services. This strategic acquisition will significantly enhance Gaming Innovation Group’s operational efficiency and market position.

The anticipated cost savings and operational efficiencies underscore the strategic rationale for this acquisition. For operations moved to Titan, GiG Media’s SEO and content costs are expected to be reduced by up to 50%. Furthermore, Titan’s expertise will enhance the quality and turnaround time of GiG Media content and SEO services, improving revenue in the GiG Media publishing business.

Jonas Warrer, CEO of GiG, said, “This acquisition highlights our ambition to continue optimising our value chain, revenue and EBITDA margin. We will achieve substantial cost savings by integrating Titan’s SEO and content expertise while significantly enhancing our service quality. This move aligns with our strategy to solidify our leadership position in the online gambling market, demonstrating how we drive growth and efficiency.”

Titan’s co-CEO and co-founder Lee Tadd added, “We are thrilled to join forces with GiG Media. Our combined expertise will enable us to deliver exceptional value to our clients and stakeholders. We look forward to leveraging our strengths to drive innovation and excellence in SEO and content services.”

In 2023, Titan Inc. Limited reported revenues of MEUR 3.30 with an EBITDA of MEUR 0.72. The acquisition comes with a term sheet valued at MEUR 3.2, structured with MEUR 1.0 to be paid at closing, MEUR 1.0 after twelve months, and MEUR 1.2 after twentyfour months. A final agreement is subject to due diligence and board approval, and closing is expected in July 2024.

Aquisitions/Mergers

EVOLUTION TO ACQUIRE GALAXY GAMING, A LEADING INDEPENDENT DEVELOPER AND DISTRIBUTOR OF CASINO TABLE GAMES AND TECHNOLOGY

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EVOLUTION TO ACQUIRE GALAXY GAMING, A LEADING INDEPENDENT DEVELOPER AND DISTRIBUTOR OF CASINO TABLE GAMES AND TECHNOLOGY
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Evolution AB (publ)’s wholly owned subsidiary, Evolution Malta Holding Limited, (“Evolution”) has entered into an agreement to acquire Galaxy Gaming, Inc. (“Galaxy Gaming”) for a total equity value of approximately $85 million(the “Transaction”), payable in cash.

Transaction highlights and strategic rationale

Galaxy Gaming, a leading developer and distributor of innovative casino table games and enhanced gaming technology solutions, continues to revolutionize the casino industry with its state-of-the-art products and exceptional service. With a diverse portfolio of cutting-edge games, Galaxy Gaming has established itself as a trusted partner to casinos worldwide.

The acquisition is in line with Evolution’s strategy of being the world’s top provider of casino games, supplying its customers with the best gaming content. With the acquisition of Galaxy Gaming, Evolution solidifies its presence in the US market and enhances its position as a leading licensor of proprietary tables games to the online gaming industry.

“We are thrilled to announce the acquisition of Galaxy Gaming, which represents a significant milestone in our mission to provide unparalleled gaming experiences to our customers. Galaxy Gaming’s exceptional products and technology complement our existing portfolio and strengthen our strategic position.” – Martin Carlesund, CEO Evolution AB (publ)

“Evolution intends to retain the management and employees and also plans to operate Galaxy Gaming as a separate and independent business unit,” added Carlesund

“We believe this transaction represents the opportunity to unite two world-class, customer-focused teams in a way that will benefit all stakeholders. It combines Galaxy Gaming’s thriving land-based business, driven by our industry-leading games and progressive technologies, with Evolution’s global reach and innovative online gaming leadership. For years, our collaboration has successfully delivered popular games like 21+3® and LuckyLadies® to millions of players in regulated iGaming markets globally. This acquisition by Evolution empowers Galaxy to sustain and maintain its independence while continuing to focus on growth and expanding its operations, leveragingEvolution’s operational and financial strength to facilitate product sharing and drive cutting-edge omni-channel innovation.“ – Matt Reback, President and CEO, Galaxy Gaming.

Galaxy Gaming has provided guidance of $29.0 – $30.0 million in Net Revenue and $12.0 – $13.0 million in Adjusted EBITDA for fiscal year 2024.

 

Consideration and financing

Pursuant to the Merger Agreement, Evolution has agreed to acquire all of the outstanding shares of common stock of Galaxy Gaming for$3.20 per share in cash, which represents a premium of 124% to Galaxy Gaming’s closing share price on July 17, 2024, the last trading day prior to the announcement of the Transaction. The Transaction values Galaxy Gaming at at total equity value of approximately $85 million, and approximately $124 million including net debt. The consideration will be financed with cash on hand.

 Conditions and time plan for the acquisition

The Transaction has been approved by the board of directors of Galaxy Gaming. Galaxy Gaming board members holding approximately 14%of Galaxy Gaming’s common stock have entered into support agreements to vote their shares in favor of the Transaction.

The Transaction is subject to customary closing conditions, including Galaxy Gaming stockholder approval and certain required gaming regulatory approvals.  The parties currently expect the closing to occur in mid-2025, subject to satisfaction of those closing conditions.

 Advisors

Evolution has engaged J.P. Morgan SE as exclusive financial advisor and Kirkland & Ellis LLP as legal advisor in connection with the Transaction. Galaxy Gaming has engaged Macquarie Capital as exclusive financial advisor and Latham & Watkins LLP as legal advisor in connection with the Transaction.

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Aquisitions/Mergers

EveryMatrix acquires FSB Technology in all-cash deal

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EveryMatrix acquires FSB Technology in all-cash deal
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EveryMatrix has acquired FSB Technology, a leading global full turnkey and specialist sportsbook technology provider in an all-cash deal.

The acquisition will further bolster OddsMatrix, EveryMatrix’s tier-1 sportsbook platform and odds feeds division, generating immediate additional revenues, cross-company synergies and firmly establishes a presence in the UK, Ireland and Africa where FSB has developed strong market share.

Founded in 2007 by Sam Lawrence and David McDowell, FSB is a leading B2B sportsbook technology supplier based in London, offering full end-to-end turnkey solutions including Player Account Management (PAM), sports betting and casino platform solutions.

EveryMatrix will incorporate key FSB features into its offering, including what has been recognised as one of the strongest horse racing products among sportsbook providers.

Customers will further benefit from EveryMatrix’s superior modular products including casino, games and aggregation, payments, player account management, managed services or affiliate management and data tracking.

Once migrated to OddsMatrix, they will gain access to proven, tier-1 sportsbook and odds feeds products, as well as EveryMatrix’s technology, development and resource pipeline, decades of industry expertise within its 1,000 employee strong workforce across 13 locations worldwide and a global network of partners.

OddsMatrix has gone from strength-to-strength launching several large-scale digital projects for tier-1 brands across Europe including Bet-at-home and the Hungarian national lottery company’s (SZRT) online brand TippmixPro.

OddsMatrix achieved its best year in 2023, setting record growth, profitability and a record number of bets for tier-1 customers. It experienced a 75% Year-on-Year (YoY) rise in total bets, skyrocketing profitability up 90% while also driving live events up by a third (31%) to more than 1.8 million events for the year. With the FSB deal, this strong growth is set to continue.

Ebbe Groes, Group CEO of EveryMatrix, said: “I’m delighted to announce our purchase of FSB Technology and I’m proud of the EveryMatrix team that has been involved in making this deal happen so effortlessly.

“This is our most ambitious acquisition to date, by value, size, and complexity. There was a huge amount of internal teamwork behind the scenes to ensure this process was managed efficiently which is a great credit to everyone. Our ability to quickly transact and get this over the line so smoothly has been very impressive.

“This transaction facilitates our long-term growth strategy of entering and growing within a greater number of regulated markets, including the UK, Ireland and Africa, where many FSB clients operate. It also allows us to accelerate this process, diversify our customer and revenue profiles, while simultaneously migrating customers to a stronger, high performing product proven to deliver exceptional results.”

Adam Smith, CEO of FSB Technology, said: “FSB has achieved a lot over the last 18-20 months including expansion into new markets and launching innovative propositions. Joining together with EveryMatrix represents another major milestone for FSB. We are delighted and excited by the new opportunities this deal could create, through the sharing of our unique capabilities as well as accelerating the growth of FSB’s existing partners.”

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Affiliate Industry

DeepCI rebrands to PartnerMatrix Intelligence to create all-in-one affiliate powerhouse

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DeepCI rebrands to PartnerMatrix Intelligence to create all-in-one affiliate powerhouse
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DeepCI has rebranded to PartnerMatrix Intelligence to create an all-in-one affiliate management and data tracking powerhouse under the PartnerMatrix brand.

PartnerMatrix will combine the strengths of PartnerMatrix Intelligence’s advanced data tracking and analysis capabilities with its leading affiliate and agent management systems, providing both affiliate and operator customers with a superior, all-in-one solution.

Following its integration earlier this year, customers can access PartnerMatrix Intelligence both within the PartnerMatrix platform and as a standalone option.

Lewis Civin, co-founder of DeepCI will become Chief Product Officer for PartnerMatrix working alongside existing PartnerMatrix CEO, Vahe Khalatyan.

PartnerMatrix is the iGaming industry’s most comprehensive affiliate and agent management multi-brand system with real-time data enabling affiliate managers to create, manage, track and analyse their programs from one, easy-to-use location.

In 2023-24 the PartnerMatrix system saw traffic increase by more than 135% Year-on-Year helping to connect 170,000 affiliates to its brand partners. Total 2023 revenues increased by 175% compared to 2022, with a large pipeline of prospects for the rest of this year.

Vahe Khalatyan, CEO PartnerMatrix, said: “At PartnerMatrix we never stand still, and we are always looking at ways to enhance our customer offering.

“The integration of PartnerMatrix Intelligence into the wider PartnerMatrix offering is the logical continuation of our mission to provide our customers with a complete, all-in-one affiliate solution accessed from one source.

“Now, equipped with a powerful data analytics and optimisation tool accessed via PartnerMatrix, our customers can take their brands to even higher levels, managing, tracking and analysing all their activities, their competitors and key trends across millions of data points empowering them to make instant decisions to drive further efficiencies and maximise revenues.”

Lewis Civin, CPO, PartnerMatrix, said: “PartnerMatrix Intelligence, formerly DeepCI.com, has established itself as a ‘must-have’ data management tool for affiliate managers.

“Today we’re officially joining forces with the most powerful affiliate management platform on the market in PartnerMatrix so we can now uniquely present brands and affiliates with all the financial data they need plus the ‘why,’ pinpointing the precise pages anywhere in the world that bring brands the most first-time depositors.

“PartnerMatrix Intelligence has access to every traffic insight that matters so we can give you the why behind FTDs, where you’re best performing and where you could do more, enabling brands and affiliates to take instant, actionable decisions. This combination simply doesn’t exist anywhere else.”

PartnerMatrix will exhibiting at stand 10-D50 iGB Live in Amsterdam on 16th to 19th July. Don’t miss the chance to meet the team and take a dive deep into all the new opportunities we can offer you. Book a meeting today!

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