IGT to Acquire iSoftBet in a deal worth €160 million. As a result, IGT will more than double its portfolio of virtual casino games to 225 up from 100. (Image from Constantin Wenning at unsplash.com)
IGT (International Game Technology), a leading multinational gambling company, has entered into a definitive agreement to acquire iSoftBet, an established iGaming development company and aggregation platform, for €160 million.
The world’s largest manufacturer of land-based video slots, gaming terminals, and cabinets for land-based casinos, and online casino games including slots and table games, IGT will now more than double its portfolio of online content to 225 titles.
The New York Stock Exchange-listed company which is headquartered in the UK and has offices in the US and Italy will now add the full 125 titles developed by iSoftBet to its portfolio, which already contains 100 titles. That includes popular video slots including Moriarty Megaways, Rambo, Aztec Gold Megaways, Gold Digger, and Crabbin’ Crazy, among many other hugely successful titles. The firm has also developed dozens of jackpot slots including Lucky Dragon, Basic Instinct, and Absolute Super Reels.
In addition to the 125 virtual titles, IGT will add to its already large portfolio of virtual titles, the firm will also acquire iSoftBet’s aggregation platform that gives operators access to over 8,000 titles from partnering studios including Playson, EGT Interactive (Amusnet Interactive), Wazdan, Booming Games, Pariplay, and Elk Studios.
IGT is primarily a land-based casino supplier that provides gaming solutions to operators across 100 countries. Regarded as one of the leaders in that sector, IGT regularly wins industry awards evidenced by the firm’s latest at the 2022 Global Gaming Awards when it took down the Land-Based Casino Supplier of the Year Award ahead of Scientific Games and Novomatic. The firm also picked up the Multi-Channel Provider/Supplier of the Year Award at the 2022 International Gaming Awards in recent days.
IGT Determined to Strengthen its iGaming Arm via the Acquisition of Such a Prominent iGaming Development Company
Already one of the biggest names in the land-based gaming sector, this move will catapult the firm into the iGaming segment. iSoftBet is an iGaming brand that employs over 350 staff across 20 countries around Europe. Launched in 2010, the Maltese company has enjoyed consistent growth year on year, which is evidenced by its performance in 2021. The company posted €30 million for the year, with around €8 million in EBITDA for the same period.
As you will see from the accompanying table, iSoftBet is licensed to operate in many major iGaming jurisdictions, including the UK and many countries across Europe. The firm is also among the most lucrative providers, developing at least two or three new titles each month. For the money paid and the quality of the company it is acquiring, you would have to say that this represents good business for IGT. They get a big boost to their iGaming offering, can utilise the obvious talents of an experienced and established provider, and more than double their iGaming portfolio of titles at the same time. Plus, getting the iSoftBet aggregation platform as part of the deal is another feather in the cap.
IGT, which boasts over 10,500 employees, claims via its news release, that as long as all parties meet due diligence and other requirements, that it will complete the deal to acquire iSoftBet by mid-2022.
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