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Kindred acquires Relax Gaming to strengthen its focus on product differentiation and customer experience

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Kindred Group has signed an agreement to acquire the remaining outstanding shares in Relax Gaming, a leading and rapidly growing B2B iGaming supplier, at an implied valuation of up to EUR 320 million for 100 per cent of the shares on a cash free and debt free basis. Kindred has been invested in Relax Gaming since 2013 and the transaction will allow Kindred to acquire the remaining 66.6 per cent of the outstanding shares. The acquisition accelerates Kindred’s strategy to increase its focus on product and customer experience by strengthening Kindred’s product control and product differentiation capabilities.

Kindred Group plc (Kindred) has signed an agreement to acquire the remaining 66.6 per cent of the outstanding shares in Relax Gaming. The transaction values the company at up to EUR 320 million on a cash and debt free basis (Enterprise value) and a total value of the outstanding shares of approximately EUR 295 million (Equity value). Kindred will pay an initial consideration, settled in cash upon completion, of approximately EUR 80 million (on a cash and debt free basis). In addition to the initial consideration, the maximum earn-out payments amount to EUR 113 million and may become payable in 2022 and 2023, subject to Relax Gaming achieving certain earnings thresholds. The transaction will be financed through Kindred’s existing cash and credit facilities.

Relax Gaming is a market leading B2B iGaming software supplier that designs and develops online casino games, supported by an open distribution platform for third party aggregation as well as proprietary poker and bingo products. The company was founded in 2010 and has today c. 240 full-time employees with four main hubs in Malta, Estonia, Sweden and Serbia. Kindred has been invested in Relax Gaming since 2013 and was prior to the transaction the largest owner with 33.4 per cent of the outstanding shares.

“Through this acquisition we add a rapidly growing and profitable B2B business with a world-class product portfolio, giving us greater control over our casino, poker and bingo offering, putting Kindred in a significantly better position to achieve our long-term strategy to increase our focus on product differentiation and customer experience”, says Henrik Tjärnström, CEO at Kindred Group.

“Joining Kindred Group comes as a natural next step in our long-standing cooperation with Kindred across all our product verticals. Kindred’s strengthened presence will allow Relax Gaming to further invest in and accelerate the expansion of our B2B offering across the globe. We will continue the Relax Gaming journey as a separate B2B entity with unchanged product portfolio and overall strategy, staying true to our values and respecting the hard-earned trust of our customers. Our continued independence is a key element of the transaction, and I am happy to remain on the board of Relax Gaming”, comments Patrik Österåker, Co-founder and Chairman of the Board at the Relax Gaming.

Relax Gaming currently supplies poker and bingo content on an exclusive basis to Kindred along with high quality casino content. The acquisition is expected to generate annual run-rate synergies of EUR 8 million within the next three years for the Group driven especially by lower investment needs and reduced cost of sales. With Relax Gaming as an important addition to the Group, Kindred will be able to further develop its own proprietary product portfolio, and thereby secure unique content differentiation in line with the Group’s strategic direction.

In order to secure continued integrity of Relax Gaming’s B2B customers, Kindred’s intention is to keep Relax Gaming as an independent entity within the Group with a separate Board of Directors and management team. Kindred’s ambition is to continue to invest in Relax Gaming to cement its position as a leading B2B iGaming supplier by further strengthening Relax Gaming’s product offering and by broadening their B2B customer base. In conjunction with the completion of the transaction, all existing employee share option programs in Relax Gaming will be exercised, and Relax Gaming’s management, who is committed to the future success of the company, will retain an ownership of c. seven per cent of total fully diluted shares in the company and Kindred’s ownership in Relax Gaming will be c. 93 per cent after the completion of the transaction and the exercise of the options.

In the last twelve months leading up to May 2021, Relax Gaming generated revenues of approximately EUR 25 million with an EBITDA of approximately EUR 10 million.

The transaction is conditional to customary regulatory approvals and is expected to be completed in the fourth quarter of 2021.

J.P. Morgan has acted as financial advisor and Cirio Advokatbyrå has acted as legal advisor to Kindred in connection with the transaction.

Roschier Attorneys Ltd acted as the legal advisor to the shareholders of Relax Holding Limited in the transaction.

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Cubeia goes live with its Poker 2.0 platform

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Cubeia, a Sweden-based iGaming software solutions provider, has launched its highly anticipated Poker 2.0 platform. The latest version features a state-of-the-art multi-threaded game engine written entirely in Java 21 and a new and improved graphical UI.

As a celebration, Cubeia’s Hybrid Poker Network is running a 4-week Beta Test Series, where players are encouraged to report any bugs they experience for a chance to earn rewards of up to $55 in tournament tickets. The new server engine is designed to easily handle player loads in the six-digit range and has future-proof capabilities, such as exposing a poker lobby API to other providers – given the right deal.

One of the many advantages that the server upgrade brings is its ease of feature implementation – thread safety is built-in, removing the need for developers to worry about implementing new platform features. The technical debt has dissipated facilitating updates to be performed quickly and efficiently.

This release comes at the perfect time as there are a number of operators lined up to launch during the remainder of the year. Cubeia is looking forward to not only expanding its poker network but also accommodating operator feature requests with greater agility.

Cubeia’s Head of Poker Simon Isbäck commented: “After about a year and a half worth of development, we can finally clap each other’s backs and be proud of what we’ve accomplished! On Thursday, I will be looking forward to hosting a huge launch party for the entire team! New features will drop faster than ever, and we’re looking forward to launching many industry-relevant features as well as some brand new ones. This is only the beginning!”

The post Cubeia goes live with its Poker 2.0 platform appeared first on European Gaming Industry News.

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Spinomenal releases Wolf & Piggies Chase

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Leading iGaming content provider Spinomenal has released its latest game in its Adventures Series, Wolf & Piggies Chase. The two arch enemies meet again on a picturesque farmyard surrounded by rolling hills, smiling animals, and huge haystacks. A playful soundtrack ensures a jovial mood for all as players look for Golden Piggy Bank symbols to activate Free Spins.

Players who land on three Golden Piggy Bank symbols will be awarded 10 Free Spins. Four will award 15 Free Spins and five will award 20 Free Spins. In Free Spins only, the Wolf Wild can substitute for all other symbols except for the scattered Free Spins symbol.

Spinomenal’s Instant Cash feature comes into play every time the reel spins and the Instant Cash symbol will randomly show four possible values that are collected in Free Spins. Instant Cash symbols accumulate during the round before they increase the Free Spins metre at the top of the reels.

Once four Wild symbols are found, players will win 10 additional free spins and on all future spins until the free spins finish. It also means that the Small Instant Cash symbol (pays x2 or x5 of the total bet) transforms into a Medium Instant Cash symbol which pays out x10 or x15 of the total bet.

Eight Wild symbols found means players will collect six further free spins on all future spins until the free spins end. The Medium Instant Cash symbols turn into Large Instant Cash symbols, which pays out x20 or x25 of the total bet.

After securing 12 Wild symbols, players collect another four additional free spins and on all future spins until the free spins end. This then pushes players into the final level where the Huge Instant Cash symbol is engaged and pays either x50 or x2000 the total bet.

Spinomenal CO-CEO, Omer Henya commented: “Players will love this fun and feature-packed farm adventure. Wolf & Piggies Chase is a vibrant, colourful addition to our much-loved Adventures Series.”

The post Spinomenal releases Wolf & Piggies Chase appeared first on European Gaming Industry News.

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Belatra releases explosive instant game Mummy’s Mines

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Belatra, a leading developer of innovative online slots, has released Mummy’s Mines, an instant game inspired by one of the studio’s most successful titles – Mummyland Treasures.

This version is an all-new instant game adventure that blends suspense, strategy, and ancient treasure-hunting excitement. Before diving into the action, players must select the battlefield: a 3×3, 4×4, or 5×5 grid. Then, it’s a choice on how many mines to face – more mines mean higher potential multipliers – the ultimate risk-reward quandary.

Mummy Mines is set within an eerie underground tomb surrounded by Egyptian artefacts. This fast-paced title challenges players to uncover hidden Scarabs, avoid deadly traps, and chase a glistening Jackpot.

Every successful tile revealed carries players further into the forgotten depths, where fortunes lie buried and danger lurks just beneath the surface. There is also a chance to unearth the special Jackpot Spin. When players uncover a Jackpot tile, a reel spins to determine their fate – landing on a Coin grants a bonus win, a Mine ends the game, and the coveted Jackpot symbol awards the full accumulated prize. As the jackpot value edges closer to its limit, the display starts flashing red, signalling that the treasure is almost ripe for the taking. If the pressure becomes too much, players can take the chance to cash out any accumulated winnings. Belatra’s newest title combines the unique atmosphere of Mummyland Treasures with fresh mechanics that deliver thrilling gameplay in every round.

Sergey Chernyavski, Belatra Games’ CCO, said: “Mummy’s Mines is an explosive hit that is a bold new entry in Belatra’s instant game lineup – offering quick games, big risks, and even bigger rewards. The game honours the charm of the original and players will love seeing the much-loved Mummy character in a new style of game.”

The post Belatra releases explosive instant game Mummy’s Mines appeared first on European Gaming Industry News.

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