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Fiona Simmons May 22, 2023 2 min read
GLI Group Buys Out Remaining Shares in iTech Labs
Two of the biggest accreditation and certification laboratories in the gambling industry are now housed under the same roof
Gaming Laboratories International (GLI) Group has completed a transaction for the remainder of shares in iTech Global, a gaming testing laboratory that will now significantly strengthen the company’s reach and expertise in the provision of sophisticated certification services for the sector.
iTech to Continue Operating Under Its Own Brand
Neither party has shared information about the size of the deal, but iTech Labs will now operate as a fully-owned subsidiary of GLI. No immediate change in the structure or operations of the company is anticipated either.
iTech Labs will continue to run its business independently but coordinate with GLI’s back-office staff as the companies seek to achieve more clients and deliver stronger commercial results. The acquisition also benefits customers who will be able to gain an advantage owing to GLI’s strong rapport with global regulators in jurisdictions around the world, ensuring that licensure procedures and processes go smoothly.
GLI president James Maida was excited to see this partnership take shape and said that the entire company was pleased to see iTech Labs continue to operate under its own unique brand name:
We are pleased that the entire management, testing and sales teams will continue to operate and be licensed in the jurisdictions they serve.GLI president James Maida
A Logical Next Chapter in the Company’s Story
iTech Labs chief executive Kiren Sreekumar was similarly pleased with the developments and said that he was very happy to see the transaction go through, saying:
The GLI Group shares our values and deep commitment to providing our customers best-in-class service and are exceedingly pleased with this investment.iTech Labs chief executive Kiren Sreekumar
Sreekumar said that iTech has achieved significant success over the past years and that the current developments were a logical next step in the company’s development. iTech Labs’ growth will be significantly enhanced thanks to this new opportunity, as GLI and iTech both aspire to deliver the best possible product across international markets.
Although Fiona doesn't have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at GamblingNews.com is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry.
Business May 22, 2023