International Game Technology (IGT), a multinational business-to-business provider of slot machines and gambling technology, has reached a definitive agreement to acquire the casino solutions provider iSoftBet.
IGT to Acquire iSoftBet in a $174M Deal
The two parties have agreed on the final sum of $174 million in cash. Thanks to this acquisition, IGT will expand its offerings and improve the value it offers to its clients. Following the merger, IGT’s PlayDigital will get 125 new games, increasing its total number of titles to around 225 games. The deal will also see IGT adopt iSoftBet’s aggregation platform. This will help the former company to distribute its content to its customers. Furthermore, the agreement will see IGT power up its business with iSoftBet’s customer engagement tools and promotional solutions.
ISoftBet is a famous brand with more than a decade of experience in the competitive iGaming market. As one of the leaders in its sector, iSoftBet currently deals with more than 260 operators across 20 regulated regions, offering them a vast variety of iGaming titles. On top of iSoftBet’s aforementioned 125 in-house games, the company’s aggregation platform provides clients with additional 4,600 third-party titles.
This deal follows up on IGT’s decision to scale its online gambling business under croup chief executive Vince Sadusky’s guidance. This move was prompted by the company’s impressive business results in 2021. The year saw IGT complete some crucial deals such as the sale of the Italian brand Lottomatica for over a billion. This was recently followed up by the sale of IGT’s proximity payment brands in Italy.
The Deal Is Expected to Close by the End of Q2 2022
Sadusky is delighted by the opportunity to grow IGT and believes the acquisition of iSoftBet is an important step for the company. He noted that the deal will arm IGT with market-tested proprietary digital content, advanced game aggregation capabilities, scalable promotional tools, analytics, and strong creative talent. Sadusky added:
“This will enhance PlayDigital’s competitive capabilities with a proven, complementary content portfolio across Europe and North America as we provide best-in-class games and technology to our fast-growing iGaming customers.”IGT CEO Vince Sadusky
The deal is expected to close by the end of the second quarter of 2022. It marks the first online casino-oriented M&A deal since the acquisition of Probability back in 2014.
IGT recently penned a six-year extension to its long-lasting partnership with Singapore Pools. In mid-March, the gambling giant expanded its footprint in the United States by launching iGaming products in West Virginia and marking the fifth state where it has a presence.