Evolution AB’s subsidiary Evolution Malta Holding Limited Tuesday announced an agreement to acquire the entire issued share capital of Livespins Holdings.
The acquisition will be for a total up-front cash consideration of €5 million ($5.4 million). Evolution also will pay an earn-out based on Livespins’ 2026 performance.
Completion of the transaction is planned for the second quarter 2024, subject to certain closing conditions.
“Livespins is a unique proposition that has shown solid engagement metrics and adoption by players and one we believe will be a great addition to the Evolution portfolio,” said Evolution CEO Martin Carlesund in a statement. “Over the years, we have garnered a reputation for identifying new and interesting technology, which is why we’ve reached an agreement with Livespins.”
Livespins will continue as a brand within the Evolution Group, alongside Evolution, NetEnt, Red Tiger, Ezugi, Big Time Gaming, No Limit City, and DigiWheel. Evolution stated that the Livespins acquisition fits into its “product-leap strategy that breaks boundaries and bring product innovation to end users.”
“This is an unprecedented milestone for Livespins,” said Livespins CEO Chris Scicluna. “We’re still in the start-up phase of our business and to attract the attention of Evolution is incredibly rewarding. It’s also a reflection of all the hard work that our team has poured into this concept since we launched and the unwavering belief that this product would revolutionize the industry.”
