LeoVegas Purchases IPS for $89.5 MillionMobile casino giant LeoVegas is seemingly on a winning streak when it comes to acquisitions, having now announced yet another purchase of a fellow iGaming firm. Now, the mobile gaming provider has inked a massive $89.5 million (₤65 million) deal to acquire the assets of Intellectual Property and Software Limited (IPS), an Alderney-based firm.

LeoVegas has also purchased a number of additional assets from Newcastle-based company Rocket9 Limited and another firm, which has gone unnamed but operates popular casino and betting brands such as UK Casino, Bet UK, Slotboss and 21.co.uk.

In a recent press release on the London Stock Exchange, the mobile gaming firm confirmed that its acquisition of IPS will be funded partly using cash, while the rest of the purchase’s costs will be paid using money generated by its own debt financing agreements. These agreements were first secured when LeoVegas entered into a purchase deal with Royal Panda back in 2017.

Rapid Growth Posted By IPS In 2017

IPS’s business operations are focused on ‘digital data-driven consumer acquisition’ within UK borders. The firm achieves this through mobile devices like smartphones and tablets, using a digital gaming platform created and supplied by the iGaming experts at Bede Gaming.

During Q4 of 2017, IPS earned impressive gaming revenues of over ₤11.7 million, as well as posting an adjusted EBITDA that reached ₤3.8 million during the period in review. This report showed an EBITDA rise of over 49%, showing rapid growth and a promising future for the gaming solutions provider.

Now, as part of its IPS acquisition, LeoVegas has entered a services agreement with its supplier, Bede Gaming, whose gaming platform has been described as advanced from ‘both a technical and product standpoint’. LeoVegas considers it to be a solid technological solution for its UK gaming operations, according to its recent press release.

LeoVegas Gains Traction In The UK

This acquisition is the third for LeoVegas in the space of just four months, closely following the firm’s purchase of both casino streaming supplier CasinoGrounds and the Royal Panda casino brand last year.

CEO of LeoVegas Gustaf Hagman has commented on this trend, noting that conducting the first acquisition of 2018 on the eve of his firm’s 6 year anniversary is a great feeling. He noted that since LeoVegas was established, it has aimed to lead the iGaming market with its global brand strategy, and thanks to its Royal Panda acquisition, the company now offers ‘scaleable brands’ under its umbrella.

Hagman also noted that he has seen attractive attributes in IPS – particularly its growing momentum in profitability and growth. He stated that LeoVegas is now gaining a strong footing in the UK, and with the new acquisition, his firm is adding yet another prolific brand to its ranks to strengthen its own position as a world-class tech company.

Source links: