Internet gaming software supplier GAN has signed a definitive purchase agreement to acquire Vincent Group for a total consideration of approximately €149m ($177m). The acquisition will leverage the latter’s Coolbet’s proprietary sports betting technology, which is expected to integrate into GAN’s turnkey technology solutions for launch in the US real money internet gaming (RMiG) market by the second half of 202.
The acquisition is expected to close in the first quarter of 2021, subject to regulatory review and the satisfaction of certain closing conditions. GAN expects to fund the acquisition with new capital. Coolbet is an award-winning, business-to-consumer igaming operator, with a footprint in Northern Europe, Canada, and Latin America in real money igaming and online sports betting.
GAN CEO Dermot Smurfit commented: “From the onset of our IPO we have continued to enhance and perfect our internet gaming software-as-a-service solutions for the US market. As a part of that growth strategy, we have been clear that we needed to add a best-in-class sportsbook engine to round out our real money igaming platform, and we believe Coolbet is the perfect fit for both GAN and our customers.
“Coolbet launched in early 2016 in a hypercompetitive online market in Northern Europe and subsequently expanded into Latin America and Canada over the last two years. Since its launch, Coolbet has proven that its sportsbook offering is one of the best in the market today. Coolbet’s award winning user interface and proprietary technical platform will enable us to quickly introduce the sportsbook offering to our land-based casino customers across the US, who need a flexible and customizable solution to online gaming.”
He added: “Coolbet brings one of the most experienced teams of engineers in the industry and their technology is built on a similar architectural design as our own, which is anticipated to make the integration process fairly seamless. The timing of the acquisition ideally positions GAN to leverage its growing customer base, as well as the momentum that sports legislation has seen with the election results in Maryland, Louisiana, South Dakota, and Tennessee.”