Online gaming technology provider NeoGames reported a 228.1% year-on-year increase in revenue for its 2022 financial year, driven by its acquisition of Aspire Global.

NeoGames took ownership of Aspire Global in an SEK4.3bn ($412.2m) deal that completed in June 2022, with Aspire Global now operating as a subsidiary of the business.

While the acquisition incurred additional expenses for NeoGames, pushing the business to a net loss for the year, the deal had a significant impact on revenue in 2022. Revenue more than trebled year-on-year, despite Aspire Global having only becoming part of the business halfway through the year.

NeoGames chief executive Moti Malul (pictured) said the acquisition and performance of the wider business in 2022 means the group is well-positioned to achieve further revenue growth in 2023.