Internet-focused investment firm IBID Group has completed the acquisition of Pragmatic Play.
Although terms of the agreement were not disclosed, IBID said that it intends to develop Pragmatic Play into one of the “leading B2B digital gaming providers through strategic partnerships with first class licensed-content providers”.
IBID also revealed plans to improve the digital casino games provider’s senior management team with additional senior level hires, as well as to increase its investment in business development and marketing activities.
David Barzilay, chief executive of IBID, said: “The acquisition of Pragmatic Play is in line with IBID’s strategy of acquiring companies that enable us to control the whole gaming supply chain from payments and content providers to operations and B2C marketing.
“This acquisition will further advance and strengthen our growing position in the online gaming sector.
“The addition of Pragmatic Play widens our current portfolio of companies with high growth potential and that we feel will generate significant returns for our long-term investors.
“We believe that we have the right team and expertise to help Pragmatic Play unlock its growth potential and realise value.
“Our strategy remains focused on undertaking selective strategic acquisitions that enhance our existing portfolio and where we feel we can create value and deliver meaningful returns to our shareholders.”
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