London, U.K-based International Game Technology Monday announced it has entered into a definitive agreement to acquire iSoftBet, a leading content provider and third-party game aggregator, for approximately 160 million euros in cash (approximately $174 million USD).
The acquisition more than doubles the IGT PlayDigital content library to approximately 225 proprietary games and provides a proprietary game aggregation platform to distribute third-party games and data-driven promotional and user-engagement tools.
“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,” said IGT CEO Vince Sadusky in a statement. “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.”
Located in the U.K., iSoftBet’s portfolio of games includes Colossus: Hold & Win, Red Dog, and Crabbin’ Crazy.
Deutsche Bank analyst Carlo Santarelli wrote in a statement that the deal increases IGT’s ability to serve the icasino segment and expands the company’s network “with what we believe will be a stronger suite of customer experience oriented titles, something we believe IGT has been lacking in to date, as a physical equipment supplier first operator.”
The deal is expected to be completed during the second quarter of 2022, subject to customary closing conditions.