International Gaming Technology Set To Acquire iSoftBet For $174 million

International Gaming Technology Set To Acquire iSoftBet For $174 million

International Gaming Technology ($IGT), one of the largest online casino companies globally, is expanding its catalog of games following its acquisition of iSoftBet.

Once the $174 million deal is complete, IGT’s PlayDigital library will expand to include 225 proprietary games.

IGT building an online gaming strategy

According to experts, the deal is expected to close by the second quarter of 2022. 

As of writing, shares of $IGT were trading at $23.02.

IGT CEO Vince Sadusky had this to say:

“The acquisition of iSoftBet will provide market-tested proprietary digital content, advanced game aggregation capabilities, scalable promotional tools, analytics and strong creative talent to IGT’s PlayDigital operations.”

Sadusky continued:

“This will enhance PlayDigital’s competitive capabilities with a proven, complementary content portfolio across Europe and North America as we provide best-in-class games and technology to our fast-growing igaming customers.” 

IGT pushing the needle forward

In March, IGT generated the highest operating income in company history with $902 million, including over $1 billion in cash from operations and $770 million in free cash flow.

The company also beat analysts’ expectations by generating $1.05 billion in revenue, an 18.6% increase year-over-year.

Highlighting the company’s financials, Sandusky said he was “excited” to be leading IGT into its next chapter. 

“Our 2021 financial results reflect the best revenue, profit, and cash flow performance in the last four years, meeting, or exceeding target levels on strong performance across the portfolio. We made important progress on several strategic objectives, and I am excited to be leading IGT in the next chapter of its evolution. We have set aggressive but achievable multi-year goals and we have a focused strategy to maximize value for all stakeholders.”

Company growth can be attributed to several things, including the company’s wide assortment of online slot machine options. 

Some of the most popular include:

Cleopatra
Wheel of Fortune
Texas Tea
Lord of the Rings-themed games

iSoftBet is a leading iGaming content provider with a portfolio containing 125 proprietary games and over 4,600 third-party games.

For the 2021 fiscal year, the company reported approximately $32.6 million in revenue and an EBITDA of $8.7 million.  

Author: Tyler Gutierrez