Investment business Piomo to acquire Italy’s Microgame

Terms of the deal were not disclosed, but Piomo did confirm that a number of leading Microgame executives such as chief executive Marco Castaldo will remain in their roles.

“The entry of Piomo as majority shareholder marks the beginning of a new phase of growth in our project,” Castaldo said. “The new shareholder represents a guarantee not only for the company, but above all for our customers who will benefit from the strength and renewed investment capacity of their provider.

“I wish to thank our historical stakeholders, Monitor Clipper Partners and TPG Growth, who have contributed so much to the development of the company for the past decade.”

Founded in 1996, Microgame has agreements with 50 different operators. According to iGB’s Italy Dashboard, it held a 2.2% share of Italy’s online cash poker market during May.

Piomo is the latest investment business to acquire a player in the Italian online gambling market, after International Game Technology sold its Italian-facing Lottomatica B2C businesses to Gamenet Group, a subsidiary of funds managed by private equity giant Apollo Global Management.