Lady Lucks Games of Sweden has committed to purchase Britain-based Revolver Gaming in a cash and shares deal. Lady Luck will issue new stock to cover part of the purchase and has committed €750,000 in cash to the deal.
According to a report in iGaming Business, the new issuance will represent about 8.5% of total company shares after the stock is issued.
Revolver is a small but fairly well-known developer in the industry with a portfolio of just over a dozen titles. All games are developed and delivered on their own remote gaming servers and in HTML5 for instant play on any device. The games are currently delivered in Asia, South America, and Europe.
Talent Coming Along
Included in the letter of intent are the transitions to Lady Luck of John Penntoft and Carl Washlin, both with extensive experience in the Asian gaming markets.
The company was founded in 2010 by South African Daniel Lazurus. The founder stated: “The opportunity for a merger between Lady Luck Games and Revolver Gaming is fantastic for both parties. Ever since we started our first discussions, we have been impressed by their passion for our business and their willingness to support our ambitious plans for the future.
“The potential synergies, the expanded market reach that the deal brings and the amazing team at has convinced us that Revolver, with support from Lady Luck, will continue to develop in the best possible way and further strengthen our commercial presence and customer offering.”
Previous Industry Moves
In late summer 2021, Lady Luck Games announced the acquisition of Spigo ApS’s Denmark-facing operations, and more recently the provider received certification from iTech Labs giving them access to almost half a dozen new markets including Sweden, Denmark, Germany, Italy, and Holland.
Lady Luck CEO Mads Jørgensen said. “This is our second acquisition in the last three months, and I am pleased to be able to show our shareholders and the market that we are delivering on our set acquisition strategy.
“The fact that Lucky Games can acquire a company of this caliber is a clear signal of strength. We have identified a number of clear synergies and I am extremely happy to have the privilege of working with the ambitious team at Revolver Gaming in the future.”
Revolver Gaming is licensed by the Gambling Commission in Great Britain, having attained that license in 2015.
Source:
Lady Luck Games agrees to acquire Revolver Gaming, iGaming Business, November 17, 2021