Evolution to Acquire Galaxy Gaming in an $85M Deal

Gaming and entertainment company Evolution has set out to acquire Galaxy Gaming, a leading developer of casino games and technology. As agreed by the two companies, the former will acquire the latter for a total of $85 million, to be paid in cash.

As a leader in the development and distribution of unparalleled casino experiences and technology, Galaxy Gaming will reinforce Evolution’s portfolio, allowing it to supply clients with revolutionary content and services. The latter company already boasts a strong portfolio of state-of-the-art games and has cemented itself as a preferred partner to casino operators all over the world.

According to the announcement, the strategic M&A deal aligns with Evolution’s ambition to become a casino games powerhouse. Furthermore, the acquisition of Galaxy Gaming would reinforce Evolution’s position in the highly competitive, yet highly profitable US market. Earlier this month, for example, Evolution supplied live dealer games to BetRivers.

Finally, the agreement will enhance Evolution’s position as a leading licensor of proprietary table games for iGaming operators.

Galaxy Gaming, for context, is a successful company with projected 2024 revenue of $29-$30 million and expected adjusted EBITDA of $12-$13 million.

The Deal Will Benefit Stakeholders of the Two Companies

Evolution’s chief executive officer, Martin Carlesund, celebrated the agreement, saying that his team is excited to announce the acquisition of Galaxy Gaming. According to him, the M&A deal represents a “significant milestone” in the company’s mission to provide “unparalleled gaming experiences” to its clients.

Galaxy Gaming’s exceptional products and technology complement our existing portfolio and strengthen our strategic position.

Martin Carlesund, CEO, Evolution

Carlesund added that Evolution does not plan to make changes to Galaxy Gaming’s management and team and will likely operate the company as a separate and independent business unit.

Matt Reback, Galaxy Gaming’s chief executive officer, was likewise glad to announce the transaction, saying that it will unite two top notch, customer-centric teams in a way that would benefit all stakeholders.

The arrangement, Reback elaborated, will pair Galaxy Gaming’s thriving presence in land-based gaming with Evolution’s global reach and iGaming leadership.

This acquisition by Evolution empowers Galaxy to sustain and maintain its independence while continuing to focus on growth and expanding its operations, leveraging Evolution’s operational and financial strength to facilitate product sharing and drive cutting-edge omni-channel innovation.

Matt Reback, CEO, Galaxy Gaming

In the meantime, Evolution Georgia recently had trouble with disgruntled employees who demanded better working conditions.