Supplier News
Evolution to buy Galaxy Gaming for $85m
By Phil - 19 July 2024
Evolution has entered into an agreement to acquire Galaxy Gaming, a leading developer and distributor of innovative casino table games and enhanced gaming technology solutions, for a total equity value of approximately $85m.
The acquisition is in line with Evolution’s strategy of being the world’s top provider of casino games, supplying its customers with the best gaming content. With the acquisition of Galaxy Gaming, Evolution solidifies its presence in the US market and enhances its position as a leading licensor of proprietary tables games to the online gaming industry.
“We are thrilled to announce the acquisition of Galaxy Gaming, which represents a significant milestone in our mission to provide unparalleled gaming experiences to our customers. Galaxy Gaming’s exceptional products and technology complement our existing portfolio and strengthen our strategic position.” – Martin Carlesund, CEO Evolution.
“Evolution intends to retain the management and employees and also plans to operate Galaxy Gaming as a separate and independent business unit,” added Carlesund
“We believe this transaction represents the opportunity to unite two world-class, customer-focused teams in a way that will benefit all stakeholders. It combines Galaxy Gaming’s thriving land-based business, driven by our industry-leading games and progressive technologies, with Evolution’s global reach and innovative online gaming leadership. For years, our collaboration has successfully delivered popular games like 21+3 and LuckyLadies to millions of players in regulated iGaming markets globally. This acquisition by Evolution empowers Galaxy to sustain and maintain its independence while continuing to focus on growth and expanding its operations, leveragingEvolution’s operational and financial strength to facilitate product sharing and drive cutting-edge omni-channel innovation.“ – Matt Reback, President and CEO, Galaxy Gaming
Galaxy Gaming has provided guidance of $29m to $30m in Net Revenue and $12m to $13m in Adjusted EBITDA for fiscal year 2024.
