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Evolution to Acquires Livespins for €5.0m

Evolution's Exciting Acquisition: Livespins

Evolution Malta Holding, a subsidiary of Evolution, is set to acquire Livespins, a game provider, in a cash deal worth €5.0m (£4.3m/$5.4m). This strategic move aligns with Evolution’s “Product Leap” strategy, enhancing its online gaming portfolio by introducing a new social category through Livespins.

The acquisition includes buying the entire issued share capital in Livespins, with an additional earn-out payment based on Livespins’ performance by 2026. Livespins uniquely enables operators to offer customers the opportunity to bet with their favorite streamers, influencers, or brand ambassadors.

Livespins will maintain its distinct brand within the Evolution group, joining the ranks of Evolution, NetEnt, Red Tiger, Ezugi, Big Time Gaming, No Limit City, and DigiWheel. Evolution anticipates finalizing the purchase in the second quarter, pending certain closing conditions. This strategic move reflects Evolution’s ongoing commitment to innovation and portfolio enhancement.

Evolution and Livespins Join Forces: A Winning Partnership

Evolution CEO Martin Carlesund expressed excitement about Livespins, labeling it a unique proposition with solid engagement metrics and player adoption. Carlesund stated, “Over the years, we have garnered a reputation for identifying new and interesting technology, which is why I’m thrilled that we have reached an agreement with Livespins.”

In response, Livespins CEO Chris Scicluna shared the enthusiasm, calling it an unprecedented milestone for Livespins. Scicluna expressed happiness about joining the Evolution Group, acknowledging the team’s hard work since the concept’s launch.

He stated, “It also is a reflection of all the hard work that our team has poured into this concept since we launched and the unwavering belief this product would revolutionise the industry.” This partnership marks an exciting chapter for both Evolution and Livespins.

Evolution’s Acquisition Amidst Strong 2023 Results

Following the release of Evolution’s 2023 results, which showcased a 27.0% increase in net profit to €1.07bn, the acquisition of Livespins marks another strategic move for the company. The report highlighted notable growth in both live and random number generator (RNG) divisions, with overall revenue up by 23.5% year-on-year.

Live casino emerged as a key contributor, witnessing a 28.1% revenue increase to €1.52bn, driven by heightened commission income from new and existing customers. RNG revenue also saw growth, albeit at a more modest 2.6%, reaching €275.3m.

However, industry experts at Regulus Partners criticized Evolution’s RNG strategic performance, labeling it as “embarrassing.” They raised concerns about Evolution’s execution of the RNG strategy, particularly citing challenges associated with the acquisition of NetEnt and subsequent collaboration.

On a separate note, Evolution is currently facing a class action lawsuit accusing the company of deceiving investors regarding its growth trajectory and compliance. The lawsuit targets entities that acquired Evolution shares between February 14, 2019, and October 25, 2023.

Allegations include making untrue or misleading statements about growth potential, customer compliance, and the impact of non-compliance on revenue during this period. The lawsuit seeks damages for investors within the specified class action period.

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Evolution Acquires Livespins - News Article at Kahnawake Online Casinos

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