International Game Technology has completed the €160m acquisition of iSoftBet, paid for in cash, which will see the company more than double its content library.
Increasing its IGT PlayDigital catalogue to approximately 225 proprietary games, the firm entered into a definitive agreement in April this year to purchase the Malta-based games developer and online casino solutions provider.
The completion of the acquisition will also see IGT’s interactive arm expand its online casino inventory through the addition of iSoftBet’s proprietary-built aggregation platform, which will allow the company to distribute third-party games to clients.
Moreover, the merger will see iSoftBet’s data-led marketing and user engagement tools become accessible to IGT.
At the time of the definitive agreement, IGT’s CEO, Vince Sadusky, who was tasked with overseeing the redevelopment of the group’s new digital profile – with this marking his first M&A under his leadership, lauded iSoftBet’s “market-tested” content.
He commented: “The acquisition of iSoftBet will provide market-tested proprietary digital content, advanced game aggregation capabilities, scalable promotional tools, analytics and strong creative talent to IGT’s PlayDigital operations.
“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.”
Throughout the acquisition process, Oakvale Capital acted as lead financial advisor to IGT, with Lipton, Rosen & Katz serving as legal advisor to the company and KPMG acted as tax and financial due diligence advisor.
On iSoftBet’s side, M. Firon & Co and Wiggin served as legal advisors, and BDO Israel acted as independent registered public accounting and tax firm.