Wiener Games, an online casino game developer, will be acquired by Fantasma Games, marking the group’s first acquisition and coming just six months after the studio went public.
The purchase is valued €700,000, including €500,000 in cash and €200,000 in freshly issued shares, and comes after the Stockholm-based company stated that acquisitions were an important part of its IPO strategy.
The agreement also includes an earn-out based on future outcomes, which can total up to €1.8 million and be paid in either newly issued shares or cash, depending on the buyer’s preference.
According to Fantasma, the acquisition would allow the company to create exclusive games for a restricted group of operators without putting additional strain on its Swedish operations.
Wiener Games is also expected to contribute positively to results, and the transaction is planned to close in October 2021, subject to usual closing requirements.
Jacob Sachs, CEO of Fantasma Games said: “We have begun to suffer from the pleasant problem of not being able to fully meet customer demand for new games.
“Wiener Games, for its part, have a strong production apparatus, but a limited distribution capacity. The acquisition solves both our problems while adding a new revenue stream for us by way of a completely new business model.”
Wiener Games was created in 2014 and is based in Sofia, Bulgaria. Since 2018, the company has had an average annual sales of over €350,000.
The company employs 19 people and works as an independent game producer for companies like Relax Gaming, Leo Vegas, Microgaming, and Skywind.
Konstantin Dinev, Wiener Games’ CEO said: “We are a profitable production company that makes games for some of the world’s largest casinos.
“Through Fantasma Games, which has made a name for itself in the industry in a short time, we will further broaden our network of contacts and also be able to create and distribute our own games.”