The iGaming industry is constantly in a state of flux, both from the user’s perspective and behind the scenes. The next several years are expected to provide a substantial metamorphosis of the industry everywhere, especially in the US, and companies are constantly vying for a better position in the market. Bragg Gaming Group, a company that specializes in B2B iGaming technology and content, is ready to take charge and has made several moves already this year to give itself an edge. It has now ready to make another one that it hopes will give it more strength and has announced an agreement to purchase Nevada-based Wild Streak Gaming.
M&A Action in the Gaming Space on the Rise
Bragg said in a press release yesterday that it has negotiated a purchase agreement for Wild Streak that will see it change hands for $10 million in cash and $20 million in stock, with the shares to be paid out over three years. The transaction has already been finalized and will give Bragg a key company to add to a portfolio that contains Oryx Gaming and more. Wild Streak is a content creation studio that holds 39 slot titles found in both iGaming and land-based casinos.
With Bragg specializing in providing content to operators, the acquisition of Wild Streak makes perfect sense. Bragg has an international presence with business partnerships everywhere but needed to boost its US development. The Wild Streak purchase, coupled with the company’s recent acquisition of Spin Games, will provide a great deal of support and Bragg CEO Richard Carter asserts that it will be “materially enhancing to both revenue and EBITDA in the first full year of ownership, as well as strategically compelling given Wild Steak brings a wealth of US market casino games insights into the group.”
Wild Streak Has an Extensive Reach
Wild Streak began as a company focused on land-based game design, but, responding to the needs of a changing gaming market, decided to begin exploring online content. That decision has paid off, as it now has games found on 12 different platforms in land-based and online casinos around the world. It also has close relationships with International Game Technology and Scientific Games. Three new titles have been released this year in Europe and, domestically, the company has products in Nevada, New Jersey and other states.
Bragg views the latest acquisitions of Wild Steak and Spin as key components of a large growth strategy. The company feels that the purchases will be able to bolster its expansion plans in the US and Canada, giving it the ability to provide turnkey iGaming solutions that include content delivery and enhanced player engagement options. Wild Streak’s core group will be successful from the transaction, as well. The company reported just over $1 million in revenue for the fiscal year 2020 and $487,000 for the first fiscal quarter of 2021, which means the $30-million price point is impressive for a company founded less than six years ago.