Evolution Reaches Agreement To Acquire Livespins

Evolution, the world’s biggest supplier of live dealer games for online casinos, has announced that it has reached an agreement to purchase Livespins, the innovative live streaming casino gaming platform, for an initial 5 million euros.

The deal will be done through Evolution Malta Holding, a subsidiary of Evolution, and it will see the buyer pay 5 million euros upfront for the entire issued share capital in Livespins. Evolution has also agreed to a further earn-out payment based on the financial performance of Livespins until 2026.

Evolution explained that the acquisition of Livespins fits into the company’s “Product Leap” strategy and added in a press release that the acquired brand will further strengthen the online gaming portfolio by adding a social dimension to it. Livespins has become known on the market because it allows online casino operators to offer their clients the opportunity to bet alongside their favorite streamers or influencers on the most popular casino games at the moment.

After the acquisition, Livespins will continue to operate as a distinct brand within the Evolution Group alongside the already known powerful brands: Evolution, NetEnt, Red Tiger, Ezugi, Big Time Gaming,No Limit City and DigiWheel. The purchase is expected to be fully completed in the second quarter of 2024.

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Speaking about the acquisition, Martin Carlesund, the Chief Executive Officer of Evolution, described Livespins as “a unique proposition” and added that the company “has shown solid engagement metrics and adoption by players.” The Evolution CEO also expressed his belief that Livespins “will be a great addition” to the group’s already impressive portfolio of iGaming brands.

“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 added.

Chris Scicluna, the Chief Executive Officer of Livespins, described the acquisition as “an unprecedented milestone” for his company and added that he “couldn’t be happier to be joining the Evolution Group.”

The acquisition news comes shortly after Evolution published its financial results for 2023, a year in which the group recorded a net profit of 1.07 billion euros, up 27 percent compared to 2022. Considering that, the 5 million euros it agreed to pay for the acquisition of Livespins looks like spare change for the iGaming behemoth.

Source:

“EVOLUTION ACQUIRES LIVESPINS“, evolution.com, February 6, 2024.