Stockholm-based casino games developer, Net Entertainment, have agreed an acquisition to take full control of Rivals Red Tiger Gaming, a first in NetEnt s history.The all-cash deal will see NetEnt pay £197m, followed by and extra earn out of £23m paid in full by 2022. The £197m will ensure NetEnt receive 100% shares in the business, the remainder will be paid over the next two years, depending on Red Tigers performance within this period.
Red Tiger Gaming
Catetano Gaming founded Red Tiger Gaming back in 2014 and has since become one of the leading providers in casino software. Players have been particularly impressed with Red Tiger’s Daily Jackpot feature, which catapulted them in to the forefront of leaders of their game. Currently Red Tiger employ 170 staff members, with operations in Bulgaria, Isle of Man and Malta.CEO at NetEnt Therese Hillman spoke of the deal,“ I am very pleased to welcome Red Tiger in to the NetEnt Group. The Acqusition combines two of the leading and most innovative companies in the online gaming industry. “ We look forward to working with Red Tiger’s fantastic team to enhance our combined global reach, and to offer further value to operators and players. The transaction will provide significant revenue synergies across our markets worldwide.”
New Products To Wow Customers
Gavin Hamilton, Red Tigers chief executive said,“ This is an exciting new stage of the Red Tiger story and we are delighted to become part of the NetEnt group. Accessing NetEnt’s unparalleled distribution network and geographic footprint will unlock new opportunities for Red Tiger and will further accelerate our growth. “At Red Tiger we will remain focused as always on driving further innovation and we are looking forward to working with NetEnt on how to leverage our combined capabilities to create new products that wow our customers.”