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Angel Hristov February 6, 2024 3 min read
Evolution to Acquire Livespins in a $5.4M Deal
Evolution CEO Carlesund believes that Livespins would be a great addition to the Evolution portfolio
A few days after posting an impressive 2023 financial report, Evolution has unveiled a major acquisition deal. As announced, the leading B2B casino solution provider will acquire the socially charged product Livespins in a EUR 5 million (approximately $5.4 million) deal.
Livespins, for reference, is an innovative product that allows players to bet behind their favorite streamers, content creators and brand ambassadors. Livespins further doubles down on the social aspect of betting, allowing players to communicate via chat and share emojis and gifs. Most importantly, players can select their own number of bets and bet size and see what others bet too.
The deal will see Evolution acquire the entire issued share capital of Livespins Holding. In addition to an initial cash payment of EUR 5 million, Evolution will pay an earn-out based on Livespins’ performance in 2026.
Evolution said that the acquisition of Livespins is part of its Product Leap strategy. The former company has been bullish on breaking boundaries and bringing innovative products to its players. The addition of Livespins to the Evolution portfolio aligns perfectly with these goals, the B2B powerhouse believes.
As a part of the Evolution Group, Livespins will join the likes of NetEnt, Red Tiger, Ezugi, Big Time Gaming, No Limit City and DigiWheel, further strengthening the group’s product offering.
The transaction is expected to close in Q2 2024 and is subject to certain closing conditions.
Executives Are Excited about the Deal
Evolution’s chief executive officer, Martin Carlesund, commented on the deal, praising Livespins for the engagement it has been able to drive. Because of the social betting product’s solid metrics, Carlesund believes that it would be a great addition to the Evolution portfolio.
Over the years, we have garnered a reputation for identifying new and interesting technology which is why I’m thrilled that we have reached an agreement with Livespins.Martin Carlesund, CEO, Evolution
Evolution’s chief product officer, Todd Haushalter, also weighed in on the matter, noting that Livespins brings a whole new way to enjoy online gaming.
Bringing together the fantastic tech, processes and know-how of the team at Livespins with Evolution’s huge game portfolio, we will provide Livespins immediately with unparalleled distribution power via our One Stop Shop (OSS) integration.Todd Haushalter, chief product officer, Evolution
Haushalter added that platforms such as Twitch and YouTube have already proven the popularity of online streaming.
Livespins’ chief executive officer, Chris Scicluna, was similarly excited about the deal, which he called an “unprecedented milestone” for his company. He said that his team is delighted to have attracted the attention of such a big company so early on.
It [the deal] also is a reflection of all the hard work that our team has poured into this concept since we launched and the unwavering belief that this product would revolutionize the industry.Chris Scicluna, CEO, Livespins