GAN Limited, an online gaming software provider, announced the completion of its acquisition of Vincent Group plc (Coolbet) for a total purchase price of $175.9 million in cash and shares, as updated under the share exchange agreement.
The agreement sees the introduction of Coolbet’s patented sports betting technology into GAN’s existing B2B technology stack starting in earnest, with the wide availability of an integrated offering planned to appear no later than Q3 2021 for the US market.
Jan Svendsen, founder of Coolbet, will continue to manage Coolbet’s B2C igaming operations, with a presence in real money igaming and online sports betting in Northern Europe, Canada, and Latin America. He will also advise on trading services with technological integrations for US clients.
GAN Chief Executive Dermot Smurfit commented: “The completion of the Coolbet acquisition brings together two best-in-class offerings in the igaming space today, and makes a powerful combination by creating a fully-integrated offering, customizable for each client’s needs.
“We have already started to welcome the Coolbet team of over 175 employees and engineering talent to our organization and expect the integration process to be seamless. Over the last few weeks, the GAN and Coolbet teams have spent significant time together outlining our exciting future and have grown even more confident in the numerous revenue synergies that we see across both platforms.
“We look forward to leveraging one of the most complete solutions in our industry both domestically and internationally, and believe our growth platform is well positioned to drive long-term shareholder value.”
— GAN (@GameAccountNtwk) January 5, 2021