UK operator Intellectual Property and Software (IPS) has signed a deal with LeoVegas worth a reported £65 million.
The UK company IPS has many sites and generated revenue of £11.7m in the fourth quarter of last year alone. The acquisition by LeoVegas will be funded with cash and existing debt facilities that include the €100 million recently secured debt financing structure.
The deal will see the incorporation of IPS’ operational assists of European Domain Management and Rocket9 Marketing.
There are some well known brands involved in the acquisition including Pink Casino who are currently sponsoring Celebrity Big Brother [read more here].
In addition to the above UK Casino brands there are the following UK Bingo brands:
And a selection of Swedish Casino brands:
The LeoVegas’ Group CEO, Gustaf Hagman, is reported to have said
It has been six years since the launch of LeoVegas and to be able to celebrate with this remarkable acquisition is really great. Since launch we have pursued a highly successful global brand strategy.
It was only last year that LeoVegas acquired Royal Panda for a deal that was worth €120 million.
Mr Hagman continued by saying
The market in the UK is large and mature and for this reason, we work with several brands that attract a variety of customers.
There are several attractive attributes in IPS and they have shown tremendous momentum in their growth and overall profitability.
We are now gaining a firm stronghold in the UK and with the recent acquisition including 85 employees with local expertise; it’s a perfect fit with LeoVegas’ strength as a leading GameTech company.