With the acquisition of iSoftBet by IGT, a new software giant is on the horizon
The agreement is now final. International Game Technology (IGT), the brand known for famous slots such as Family Guy , Siberian Storm or Ghostbusters it has announced that it has closed the transaction for the acquisition of iSoftBet for 160 Mill. $ in cash. An agreement that makes a lot of sense for IGT that this is done with one of the most innovative casino software providers in recent years. iSoftBet has earned a great reputation in the igaming world for its good work. It will now become part of the IGT family.
The two casino software companies join their paths. IGT acquires iSoftBet and becomes one of the largest providers in the sector. ©Razvan Chisu/Unsplash
All the details of the acquisition agreement
Casino players appreciate from iSoftBet the quality of its online games with numerous innovative features and a great quality in the effects achieved. Qualities that IGT has valued when deciding to take over the company with headquarters in Malta and locations in England and Romania. iSoftBet is also interesting for the game aggregation platform which she owns.
Last year 2021 iSoftBet achieved revenues of 30 million euros . Its around 350 employees, including direct employees and external agents, will become part of the large IGT family, one of the largest international igaming software companies and solutions for casinos and betting. IGT has approximately 10,500 employees and its games and technical equipment are validated in more than 100 countries worldwide.
It is still too early to know what will happen to the iSoftBet workers. It looks like the deal will be completed in the second quarter of 2022. In this way, IGT to double digital content library from the company to about 225 own titles, in addition to having from now on a world-class aggregation platform for the distribution of third-party games.
“The acquisition of iSoftBet will provide IGT's own market-proven digital content, advanced game aggregation solutions, scalable promotional tools, analytics and strong creative talent to IGT's PlayDigital operations. This will enhance PlayDigital's competitive capabilities with a proven and complementary content portfolio across Europe and North America, as we provide best-in-class games and best-in-class technology to our rapidly growing igaming customers.” – Vince Sadusky , CEO of IGT, in press release
The agreement that it closes for 160 million euros in cash it's no stranger in the industry. We have seen it with some assiduity in recent years. Evolution, the well-known technological solution for live casinos, has achieved great business power with the acquisition of brands such as NetNet, Red Tiger or Big Time Gaming, best known for its innovative MegawaysTM mechanics .
In our country, the last and most relevant business concentration of the industry occurred at the end of last year with the acquisition of software provider R. Franco (Wanabet) by the Orenes Group (Versus).
The agreement for the purchase of iSoftBet comes after IGT, through its subsidiary IGT Lottery, agreed the sale of its proximity payment platform in Italy (LIS Holding and LISPAY) to PostePay - Patrimonio Destinato. The sale price represents a business value of more than 600 million euros. From IGT it would have been stated that the money from the operation will be used for debt reduction. The transaction has been an opportunity for IGT to monetize its leading position in the Italian market.
