B2B igaming technology and content supplier Bragg Gaming Group has announced its acquisition of Las Vegas-based content creation studio Wild Streak Gaming, in a deal worth around $30m.
Wild Streak has a portfolio of 39 casino slot titles supported across online and land-based applications, and also develops content for social casino.
Bragg signed a purchase agreement to acquire all of the outstanding membership interests of Wild Streak in a cash and stock transaction for a price of approximately $30m.
The sellers of Wild Streak received $10m in cash at closing and will receive $20m worth of common shares of Bragg over the next three years.
Bragg said that together with its acquisition of Spin Games announced in May, the deal serves to advance its acquisition strategy by increasing its ability to develop and distribute online casino content to the US market in-house.
It said that Wild Streak has created popular games for the largest US land-based slots manufacturers and designed the games and mechanics behind several well know land-based titles, as well as in social and real money online casinos.
Doug Fallon, the founder and chief executive of Wild Streak, will join Bragg as managing director of group content following the acquisition, and will lead the company through its US content creation strategy while also collaborating with its European development staff.
Bragg said that Wild Streak had reported $1.1m in revenue and $233,000 in earnings before interest, tax, depreciation and amortization (EBITDA) in 2020, followed by $487,000 in revenue and $241,000 of EBITDA in Q1 2021.
“We look forward to integrating Wild Streak’s know-how into Bragg’s overall offering and significantly expanding the company’s higher margin proprietary in-house casino slot content capabilities,” said Bragg’s chief executive, Richard Carter.
“We expect this transaction to be materially enhancing to both revenue and EBITDA in the first full year of ownership, as well as strategically compelling given Wild Steak brings a wealth of US market casino games insights into the group, including valuable game designs, advanced game mechanics and features that are specifically tailored for and proven in the US market.”
Doug Fallon added: “Richard and the Bragg Gaming executive team have put in place the strategy and key components to accelerate their growth and market share in the igaming market, and Wild Streak is excited to be a cornerstone for their growth strategy.”