Playtech buys Swedish co Quickspin for $55m

Teddy Sagi

Teddy Sagi's Playtech said that Quickspin will provide it with a proven slot machine games portfolio.

Playtech Cyprus Ltd. (LSE:PTEC), the online gambling platform which is controlled by Teddy Sagi, has acquired Swedish gaming studio Quickspin for $55.7 million. Playtech said that the acquisition will be a major boost for its games offerings and mobile content and will also provide it with a “proven virtual slot machine games portfolio."

Playtech CEO Mor Weizer said, “Quickspin is a fast-growing and leading supplier of the highest quality games to the highest quality operators, strengthening Playtech's position as the leading platform and content provider in the industry. We look forward to working with the Quickspin team and to see the Quickspin brand continue to flourish within the Playtech family."

He added, “Playtech remains in active discussions for a number of other bolt-on acquisitions as well as larger acquisitions in the gaming division, together with discussions for selective bolt-on acquisitions in the financials division.”

Last week, "Globes" rervealed that Playtech's Israeli subsidiary Xwise is laying off 150-200 employees, a large percentage of the gaming platform company's employees in Israel. Paytech has a market cap of $3.9 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on May 25, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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