California-based GAN Limited, a leading business-to-business supplier of internet gaming software-as-a-service solutions to the U.S. land-based casino industry, announced the completion of the acquisition of Malta-based software supplier Coolbet or a total purchase price of €149.1 million (or $175.9 million) in cash and stock.
Integration of Coolbet’s industry-leading, proprietary sports betting technology into GAN’s current B2Btechnology stack began in earnest pending closing of the transaction. The company predicted broad availability of integrated offering for the U.S. market no later than Q3 2021.
Jan Svendsen, founder of Coolbet, will continue to run operations of Coolbet’s B2C iGaming operations, with a footprint in Northern Europe, Canada, and Latin America in real money iGaming and online sports betting, as well as advise on trading services to U.S. clients with technical integrations.
The €149.1 million ($175.9 million) purchase price was established on a “cash-free, debt-free” basis.
“The completion of the Coolbet acquisition brings together two best-in-class offerings in the iGaming space today, and makes a powerful combination by creating a fully integrated offering, customizable for each client’s needs,” said Dermot Smurfit, CEO of GAN. “We have already started to welcome the Coolbet team of over 175 employees and engineering talent to our organization and expect the integration process to be seamless.
“Over the last few weeks, the GAN and Coolbet teams have spent significant time together outlining our exciting future and have grown even more confident in the numerous revenue synergies that we see across both platforms. We look forward to leveraging one of the most complete solutions in our industry both domestically and internationally, and believe our growth platform is well positioned to drive long-term shareholder value.”
