Enlabs AB Appoints Head of Accounting Jelena Nisa as Group CFO

The largest iGaming operator in the Baltics, Enlabs AB, announced today its Head of Accounting Jelena Nisa would be given the role of Group Chief Financial Officer. The new CFO joined the gaming content provider in 2016 and has been overseeing the operator’s accounting and reporting functions ever since.

Internal Promotion

Latvia-based Jelena Nisa boasts 20 years of experience in the financial industry and her internal promotion to the role of Group CFO is seen as the natural continuation of her career by Enlabs CEO George Ustinov.

“The new appointment is a logical continuation of Jelena’s professional career. She brings high financial competence, strong analytical and organizational skills and exceptional attention to detail. I welcome Jelena to the senior management team and look forward to achieving new heights.”

George Ustinov, CEO, Enlabs

Having spent 6 years with accountancy and advisory business Leinonen Group, Jelena Nisa joined textile company MDT-tex.com where she served as chief financial officer from May 2011 to August 2014.

Education-wise, the new CFO for Enlabs holds a bachelor’s degree in economics and accounting from the University of Latvia, as well as a master’s degree in history from the same university. Currently, Jelena Nisa is in the process of acquiring a second master’s degree in accounting and audit.

Acquisition of Global Gaming

The regional leader in gaming content and technology is looking to expand well beyond the Baltics, to become a leading global online gaming business. As part of its strategy, Enlabs completed the acquisition of Swedish iGaming company Global Gaming, in which Enlabs already had 67% stake.

In September, Enlabs made an offer of SEK150 million ($17 million) for the remaining shares of Global Gaming, offering its shareholders to choose between a cash consideration of SEK11 per share or a combination of 50% cash and 50% equity, seeking to acquire the outstanding 13.6 million shares which Enlabs valued at SEK450 million.

In October, Enlabs received the approval from the Estonian Competition Authority to complete the takeover of the Swedish gaming operator, making the offer for the remaining shares unconditional. The offer expired November 2 and the company issued a press release the acceptance period will not be extended.

Instead, Enlabs intends to revoke the rules in the Swedish Companies Act and request compulsory redemption for the remaining outstanding shares in Global Gaming, prior to filing for a delisting of the acquired entity from Nasdaq First North Growth Market Stockholm.