Guts.com Parent Company Acquired By Nio Inc.

By Casinomeister, Last updated Feb 20, 2015

Synergistic opportunities exist following share exchange agreement

iGaming firm Nio Inc. has entered into a share exchange agreement with Guts.com parent company Gaming Innovation Group (GiG).

The agreement will see the exchange of the entire issued share capital of Gaming Innovation Group Ltd. for shares in Nio Inc. which will lead to GiG becoming a Nio Inc. subsidiary should shareholder and regulatory approvals prevail.

Other GiG subsidiaries include platform technology provider iGamingCloud.com, online marketing firm Innovation Labs and Secure Gaming Limited (Rizk.com).

The GiG management team will continue in their respective positions following completion of the transaction as the combined company follows an end-to-end strategy with the development of proprietary technology and applications across the iGaming value chain.

Short term, Nio and GIG will focus on synergistic effects between its B2C operator businesses Guts.com, BetSpin.Com, and Rizk.Com while ramping-up marketing activities

"The agreement strengthens Nio's iGaming position, capabilities and value creation potential", commented Kjetil Myrlid Aasen, chief executive officer of Nio.

"GiG is teaming up with NIO with a clear vision – combining valuable iGaming knowledge and experience to create a platform for investments in industry leading people, products and services", added Robin Reed, Managing Director GIG.

GiG is one of the fastest growing companies in European iGaming, growing revenues from less than Euro 2 million in 2012, to Euro 5 million in 2013 and Euro 13 million in 2014. The group currently employs 53 people.

Online Casino News Courtesy of Infopowa

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