International game technology (IGT), a multinational, business-to-business provider of slots and gaming technology, has entered into a definitive agreement to acquire the casino solutions provider iSoftBet.
IGT to Acquire iSoftBet in $174M Deal
The two parties have agreed on the final amount of $174 million in liquid. With this acquisition, IGT will expand its offering and enhance the value it provides to its customers. Following the merger, IGT’s PlayDigital will receive 125 new games, bringing its total number of titles to approximately 225 games. The deal will also see IGT adopt iSoftBet’s aggregation platform. This will help the old company distribute its content to its customers. Additionally, the agreement will enable IGT to strengthen its business with iSoftBet’s customer engagement tools and promotional solutions.
iSoftBet is a famous brand with over a decade of experience in the competitive iGaming market. As one of the leaders in its industry, iSoftBet currently deals with over 260 operators in 20 regulated regions, offering them a wide variety of iGaming titles. In addition to iSoftBet’s aforementioned 125 in-house games, the company’s aggregation platform provides customers with an additional 4,600 third-party titles.
Deal follows IGT’s decision to scale its online gaming business under the leadership of the group’s chief executive At Vince Sadusky’s tips. The move was prompted by the company’s impressive business results in 2021. The year saw IGT complete key deals such as the sale of Italian brand Lottomatica for over $1 billion. This was recently followed by the sale of IGT’s proximity payment brands in Italy.
The deal is expected to close by the end of the second quarter of 2022
Sadusky is excited about the opportunity to grow IGT and believes the acquisition of iSoftBet is an important step for the company. He noted that the deal would equip IGT with market-tested proprietary digital content, advanced game aggregation capabilities, scalable promotional tools, analytics and strong creative talent. Sadusky added:
“This will strengthen PlayDigital’s competitive capabilities with a proven and complementary content portfolio across Europe and North America, as we deliver the best games and technology to our rapidly growing iGaming customers.”
CEO of IGT Vince Sadusky
The deal is expected to close by the end of the second quarter of 2022. It is the first M&A deal focused on online casinos since the acquisition of Probability in 2014.
IGT recently signed a six-year extension to its longstanding partnership with Singapore Pools. In mid-March, the gaming 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.