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Kindred Group completes the acquisition of Relax Gaming

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Kindred Group has on 1 October 2021 completed the previously announced acquisition of the remaining outstanding shares in Relax Gaming, a leading and rapidly growing B2B iGaming supplier.

Kindred Group announced on 2 July 2021 that it had entered into an agreement to acquire the remaining 66.6 per cent of the outstanding shares in Relax Gaming. Relax Gaming is a market leading B2B iGaming software supplier that designs and develops online casino games, supported by an open distribution platform for third party aggregation as well as proprietary poker and bingo products. Relax Gaming was founded in 2010 and has today c. 240 full-time employees with four main hubs in Malta, Estonia, Sweden and Serbia. Kindred has been invested in Relax Gaming since 2013 and was prior to the transaction the largest owner with 33.4 per cent of the outstanding shares.

The acquisition accelerates Kindred’s strategy to increase its focus on product and customer experience by strengthening Kindred’s product control and product differentiation capabilities. The acquisition is expected to generate annual run-rate synergies of EUR 8 million within the next three years for the Group, driven especially by lower investment needs and reduced cost of sales. In order to secure continued integrity of Relax Gaming’s B2B customers, Kindred’s intention is to keep Relax Gaming as an independent entity within the Group with a separate management team and Board of Directors. Patrik Österåker, the co-founder of Relax Gaming, will remain as the Chairman of the Board. Kindred’s ambition is to continue to invest in Relax Gaming to cement its position as a leading B2B iGaming supplier by further strengthening Relax Gaming’s product offering and by broadening their B2B customer base.

In conjunction with the completion of the transaction, all existing employee share option programmes in Relax Gaming have been exercised, and Relax Gaming’s management, who is committed to the future success of the company, retains an ownership of seven per cent of the total fully diluted shares in the company. Kindred’s ownership in Relax Gaming after the transaction is 93 per cent of the total fully diluted shares.

The transaction values the Relax Gaming at up to EUR 320 million on a cash and debt free basis (Enterprise value) and a total value of the outstanding shares of approximately EUR 295 million (Equity value). The initial consideration for the remaining outstanding share of approximately EUR 80 million (on a cash and debt free basis) has been settled in cash. In addition to the initial consideration, the maximum earn-out payments amount to EUR 113 million and may become payable in 2022 and 2023, subject to Relax Gaming achieving certain earnings thresholds.

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1X2 Network launches in Finland via Veikkaus deal

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Initial rollout brings 10 slots from Iron Dog Studio and Prospect Gaming to the state-owned operator, via Light & Wonder.

1X2 Network has entered the Finnish market after signing a content partnership with Veikkaus, Finland’s state-owned gaming operator.

Under the agreement, a selection of titles from 1X2 Network studios Iron Dog Studio and Prospect Gaming will go live for Finnish players for the first time. The initial rollout includes 10 games, with named titles including 3 HOT CHILLI PEPPERS, 3 PORKY BANKS HOLD and WIN EXTRA, BURN IN HELL, and PIÑATA GO GO.

1X2 Network said the integration was enabled through its collaboration with Light & Wonder, which is supplying the route to market for the content.

Kevin Reid, Chief Executive Officer at 1X2 Network said: “We are delighted to partner with Veikkaus and bring our games to players in Finland. Veikkaus has built a strong reputation as a trusted and responsible operator, and this launch represents an exciting opportunity for us to introduce titles from our flagship studios, Iron Dog Studio and Prospect Gaming to a brand-new audience.”

Riikka Seppänen, VP, iCasino at Veikkaus said: “We are pleased to welcome content from 1X2 Network to our platform. Their games offer engaging gameplay and popular features that we believe will resonate well with our players while supporting our commitment to delivering high quality and responsible entertainment.”

The post 1X2 Network launches in Finland via Veikkaus deal appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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Neosurf reorganises operations as it targets Europe and the Americas expansion

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Neosurf has reorganised its operations as it prepares to scale products and expand across Europe and the Americas, the cash-to-digital payments provider said.

The company said the updated structure is intended to better support the rollout of “new market-ready products” and help it deliver its payment solutions “on a wider scale.” Neosurf did not disclose what specific organisational changes were made or whether the move affects headcount.

Neosurf also positioned the reorganisation as a way to improve agility in response to future regulatory changes, saying the company aims to remain flexible operationally and technologically as it moves into its “next major phase of its evolution.”

Andrea McGeachin, Global CEO at Neosurf, said: “As we continue to grow our new digital wallet products across Europe and the Americas, it’s important that our organisation evolves alongside our ambitions. Our new structure ensures that we’re built for agility, resilience, and long-term success, and we remain committed to our mission of bridging the gap between cash and digital payments with an optimised foundation that’s built to proactively anticipate and adapt to future regulatory change.”

Neosurf said it will share further updates on its plans “shortly.”

The post Neosurf reorganises operations as it targets Europe and the Americas expansion appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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GameOn appoints Fana Colette as Senior Social Media Manager

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GameOn has appointed Fana Colette as Senior Social Media Manager, as the B2B marketing agency expands its social media service capabilities.

Colette joins from Gambling.com Group, where GameOn said she helped grow social pages to “tens of thousands of followers,” combining creative storytelling with commercial objectives.

GameOn positioned the hire as a response to increasing demand for social media strategy across iGaming operators, suppliers and affiliates looking to differentiate in a crowded market. The company said Colette will add senior oversight to structured, audience-focused content planning.

In the role, Colette will work with GameOn’s existing clients and lead social media strategy for new accounts, according to the company.

Lizzie Thomas, Head of Social Media at GameOn, said: “Bringing Fana on board allows us to support the growing demand for sophisticated, senior-led social strategies.

“Her experience in building social profiles from the ground up and developing content that resonates with audiences aligns perfectly with how we approach social at GameOn.”

Fana Colette, Senior Social Media Manager at GameOn, added: “I’m excited to be joining GameOn at such a dynamic time for the business.

“Social media is such an important part of how brands build visibility, trust and engagement, and I’m looking forward to helping clients create content that is both strategically grounded and creatively strong.

“GameOn has a clear understanding of the iGaming space, and I’m excited to contribute to that with thoughtful, audience-focused social work.”

The post GameOn appoints Fana Colette as Senior Social Media Manager appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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