Evolution Gaming is set to acquire the business of another provider of live casino solutions Ezugi. The Latvia-based company has announced that the acquisition will help them increase their footprint and accelerate growth in key markets including the US.
According to a press release published by Evolution Gaming, the agreement for the acquisition of Ezugi involves an all-cash deal with an initial consideration of $12 million and possible additional consideration of a maximum of $6 million. The transaction is planned to be completed in early 2019.
The acquisition of the Israel-based gaming company will help Evolution increase their presence in the existing markets such as Romania and the US. The announcement of the acquisition comes just three months after Evolution launched their ninth live studio in Atlantic City, New Jersey. Today, Evolution and Ezugi are the only live dealer gaming providers in the US market.
Evolution Gaming expects that the new deal will contribute 2-4% to 2019 revenues and make their earnings per share gradually increase during 2019.
Evolution’s CEO Martin Carlesund commented that the planned acquisition was a very logical next step for Evolution.
“It would increase our market share in key existing markets, like the US, where Ezugi’s presence and customer base will add to our on-going market expansion as well as add licensees in new markets, such as South Africa,” said Carlesund.
Evolution Chairman and founder Jens von Bahr added that the strategic deal will see Evolution increase its geographic footprint and accelerate growth.
“It will enable us to fast-track the accessibility to Evolution’s top-ranking software as well as to support continued industry leadership by adding well-established development teams and operational resources,” concluded von Bahr.
Ezugi has been delivering B2B mobile and web live dealer solutions to online and land-based casinos and betting shops since 2012. Currently, the company operates from multiple studios worldwide. Some of their unique games are Unlimited 21 Blackjack – Auto-Split, Hybrid Blackjack, Knockout Baccarat and Wheel of Dice. Ezugi is present in the US states of New Jersey and Oklahoma, Europe, Latin America and South Africa.
CEO and founder of Ezugi Kfir Kugler said that the company had come a long way since it had been founded.
“Becoming part of Evolution marks the right next step for us. Evolution’s superior offering in areas such as streaming quality and speed, user experience, game choice and all-around operational excellence will help bring the service to the current Ezugi operators to the next level,” added Kugler.
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