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Playtech acquires Quickspin

Discussion in 'Casino Industry Discussion' started by jetset, May 24, 2016.

    May 24, 2016
  1. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    PLAYTECH ACQUIRES QUICKSPIN AB

    M&A strategy kicks off.

    Playtech has acquired Swedish games studio Quickspin AB for a maximum consideration of six times Quickspin’s EBITDA in 2018, capped at Euro 50 million.

    The maximum consideration of Euro 50 million comprises an initial payment of Euro 24 million for 100 percent of the shares of Quickspin on a cash free / debt free basis with the remaining maximum consideration of Euro 26 million payable on an earn-out basis by reference to Quickspin's EBITDA in 2017 and 2018.

    Headquartered in Stockholm, Quickspin's portfolio currently consists of over 20 quality games. The company provides games to around forty customers, including international tier 1 operators.

    Quickspin generated revenue and adjusted EBITDA of Euro 6.0 million and Euro 2.1 million respectively in the financial year ending 31 December 2015 and has a bullish forecast for growth over the coming years boasting a strong pipeline of new customers and games.

    The acquisition will provide Playtech with a proven virtual slot machine games portfolio, strengthening the company’s position, as well as providing greater penetration in the Nordic region.

    In addition to Quickspin's existing customer base, Playtech plans to distribute Quickspin's content through its existing distribution channels across all verticals.

    Quickspin founders Daniel Lindberg (CEO), Joachim Timmermans (CPO) and Mats Westerlund (CCO) will remain with the business for at least 3 years after completion of the deal.

    "Quickspin is a fast-growing and leading supplier of the highest quality games to the highest quality operators, strengthening Playtech's position as the leading platform and content provider in the industry,” Mor Weizer, Chief Executive Officer of Playtech, said.

    “We look forward to working with the Quickspin team and to see the Quickspin brand continue to flourish within the Playtech family.

    “Playtech remains in active discussions for a number of other bolt-on acquisitions as well as larger acquisitions in the Gaming division, together with discussions for selective bolt-on acquisitions in the Financials division."
     
    9 people like this.
  2. May 24, 2016
  3. Nicola

    Nicola Casino Affiliate MM mm1 webmeister

    Occupation:
    Web Developer
    Location:
    Green Park, London
    Great news for the team behind Quickspin, they have created a diverse profile of games which are a hit with players across Europe.

    Personally, I dislike (don't want to use the word hate, although I'm sure some others would) Playtech because of all the hassle operators have put players through over the years. Missing jackpots, jackpots where players got less than half and all the other complaints on CM.

    Glad they are keeping the games available at existing sites, as I never want to join another Playtech casino!
     
    Last edited: May 24, 2016
    3 people like this.
  4. May 24, 2016
  5. Jono777

    Jono777 Meister Member CAG mm4 mm1

    Occupation:
    Self- Employeed
    Location:
    Wolverhampton
    Amen to that me neither.

    Do have the odd but rare QS 'dabble' lets hope PT don't try to fix something which is not broken :rolleyes:
     
  6. May 24, 2016
  7. vinylweatherman

    vinylweatherman You type well loads CAG MM

    Occupation:
    STILL At Leisure
    Location:
    United Kingdom
    If Playtech are so keen on "quality", they should insist on the same high standards from operators who offer their games to end users as they do with their games. One major improvement they could make would be to pay progressive wins direct to the player, and prevent dodgy operators from misusing a player's win to shore up their cashflow or balance sheet for many years. Microgaming can manage this, so it shouldn't be an issue for Playtech. It's probably the one change that could make a significant positive difference in how they are regarded by the player community.
     
    8 people like this.
  8. May 24, 2016
  9. incrediblestuff

    incrediblestuff SearchingForTheHolyGrail! CAG webmeister

    Occupation:
    Currently: Self employed, Previously: Manager
    Location:
    Mostly the Netherlands
    Smart move from Playtech, who have no doubt have had a noticeable downward line in their graphs these last years..Trust me i'm no fan either, but they do still have some good Games, especially the ones from subsidiary developer Ash Gaming.:thumbsup:

    I am also very happy for the guys in the Quickspin team, they surely deserved it in my opinion. Been a fan from the start, and remember our friend rainmaker talking about their Games, which got me looking for them:)

    It's a very good deal i would say, and i am of course counting on the same quality in their next releases, so looking forward to them for sure. One of the best things they have introduced i.m.o. is their special 'instant feature' reward.. there are more operators that have similar options now, or are working on it, but i am pretty sure they were the first to implement it...

    Good example, for those who don't know what i mean: download the Spin City App in Unibet, play a little, and use the coins you earn on the Quickspin Games...tons of fun:)

    Thx for sharing Jetset.:thumbsup:
     
    1 person likes this.
  10. May 24, 2016
  11. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    Playtech have a winning team here (the founders) for the next three years and if they are sensible they will not interfere too much in what is clearly a successful enterprise.
     
  12. Jun 20, 2016
  13. ThePOGG

    ThePOGG Meister Member webmeister

    Occupation:
    Casino Affiliate
    Location:
    UK
    Only recently looked through the QuickSpin games and I have to say I was very impressed. Excellent interface with original bonus features and very competitive House Edge figures.

    All in all I'm a little concerned to see them bought over by Playtech. While Playtech have put some good games out, far too many of them are generic in their feature nature and gravitate towards the higher House Edge range for the industry. I'd hope that this purchase shows that Playtech are acknowledging that they've been losing market share to the more innovative developers (by that I mean Net Entertainment) and are looking to start putting together a team that could compete with them.

    TP
     
  14. Jun 20, 2016
  15. TradaCasino

    TradaCasino Official rep for Trada Casino

    Occupation:
    Head of Casino
    Location:
    Dublin, Ireland
    Thankfully the same management team are remaining in place, and it looks as though their strategy and game development processes won't change :thumbsup:

    "Our team and management remains the same, our future games will be developed with the same philosophy as before, and distributed using the same channels as today (with the addition of Playtech’s distribution channels). In short, it is business as usual and we will continue to go to work, every single day, knowing that the best game is yet to be created!"
     
    2 people like this.

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