Evolution finalises NoLimit City acquisition for €340 million. The firm becomes the 4th slot developer owned by Evolution. (Image from Dynamic Wang at unsplash.com, Evolution & NoLimit City )
Evolution, the hugely popular and ever-growing live casino supplier, has announced that it has continued its assault on the slots vertical with the acquisition of yet another leading development company. Following on from the acquisition of Big Time Gaming in 2021, Evolution has now acquired the innovative NoLimit City slot brand for €340 million.
Evolution entered into an agreement to purchase the company back in June but has been waiting for regulatory approvals before completing the transaction. The deal includes an upfront payment of €200 million and €140 million in future profit sharing. With those regulatory approvals now met, Evolution happily announced the news yesterday that the acquisition was now complete.
The firm becomes the fourth slot development company that now operates under the ownership of Evolution. The total remuneration of €340 million actually makes NoLimit City the cheapest of those to date, as it falls shy of the €450 million spent on acquiring Big Time Gaming and the €2.1 billion used to purchase NetEnt and its Red Tiger Gaming subsidiary.
Of Course, Big Time Gaming is arguably a bigger and more established slot development company. It also developed and leases out the hugely popular Megaways reel mechanic. As for NetEnt, that is a huge company in its own right while Evolution also acquired the NetEnt-owned Red Tiger Gaming as part of the deal.
Additionally, all three of those brands have recently won major industry awards, putting them among the best in the slot industry, while NoLimit City is seen as a talented up-and-coming company that loves creating innovative new titles with controversial themes.
Evolution still makes its core revenue from the live casino games offered under its primary brand and that of Ezugi (another acquisition). However, the company has ambitions of becoming the world’s number one supplier of iGaming titles and to achieve this, the firm understands that it has to have a big footprint in the video slots vertical.
Acquisition a No-Brainer for Both Companies
While it is clear Evolution is trying to hoover up as much slot development talent as possible in the hope of continuing its growth right across the iGaming industry, this acquisition is also one that will allow NoLimit City to make its mark among the big boys in the slot vertical.
The firm has done impressively on its own, but with the backing of such a huge iGaming powerhouse, the NoLimit City brand can now take advantage of resources and experience it has not had access to before.
Jonas Tegman, the co-founder of NoLimit City, said it himself when he stated:
I cannot think of a better match between two companies than between NoLimit City and Evolution. We believe that together, we can create the best slot offerings in the iGaming industry.
Evolution Liked What it Saw in NoLimit City
There are hundreds of independent slot development companies, so why has Evolution chosen NoLimit City? Well, the two companies share the same ambition of showing innovation and being different from what is already out there.
NoLimit City is certainly both of those things. The development company is always looking to create innovative bonus features, engaging reel mechanics, and unique themes. Many slot fans will probably recognise NoLimit City for the latter reason. The firm has used some, shall we say, out-of-the-box slot themes in the past. Tombstone R.I.P and Karen Maneater are two recent examples. Both caused controversy for the levels of violence shown and the latter for its cannibalistic serial killer theme. However, the argument here is that video slots are for adults, not children. If a theme is not to a player’s liking, they have the choice to play another slot.
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