LeoVentures, the investment arm of LeoVegas, has acquired a majority stake in Leap Gaming, a development studio.
By partnering with Leap Gaming, LeoVegas aims to improve its production capabilities and expand its exposure to slots content. In addition to gaining access to Push Gaming’s game portfolio, LeoVegas will also benefit from Leap Gaming’s proprietary technology, intellectual property, and development expertise.
Gustaf Hagman, LeoVegas CEO, said: “I’m thrilled to welcome Push Gaming to our extended family! The management team has been on a phenomenal journey, growing the company rapidly from a small start-up to a leader in its field.
“Push Gaming has an outstanding track record, proprietary tech, and fantastic intellectual property that will ensure we give customers the very best, cutting-edge entertainment.”
LeoVegas has shifted its focus to slots, by obtaining a German licence this year. As part of its investment developments, the group sold its stake in BeyondPlay, a B2B igaming start-up, to Bettor Capital for €1.9m in February.
After acquiring the majority stake, Push Gaming will remain an independent entity within the LeoVegas Group, with its own management team and staff of over 100 employees. The company’s games will continue to be developed and distributed through Push’s in-house platform and remote gaming server. Co-founders Winston Lee and James Marshall will maintain their current positions as CEO and COO of the company.
Marshall said: “I’m incredibly proud of what we have achieved to date and this deal is a testament to the work that our team have put in, taking us from start-up to a leading supplier with some of the most recognised games in our industry.
“We have ambitious plans and we can now supercharge our growth with the backing of LeoVegas and MGM. We look forward to scaling up our development capabilities, entering new markets and taking our products to the next level.”
In August of this year, LeoVegas, which was previously listed on the Stockholm stock exchange, was acquired by the US-based betting and gaming company MGM Resorts for €575m. Since becoming part of MGM’s global brand portfolio, LeoVegas has maintained a steady trading pace. In its final Q4 financial report as a Nasdaq enterprise, the company recorded revenue growth of 1%, reaching €99.5m (compared to €98.2m in Q4 2021).
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