On July 19, 2024, gaming and gaming company Evolution will acquire Galaxy Gaming, a leading casino gaming and technology development company. The two companies have reached an agreement under which Evolution will acquire Galaxy Gaming for $85 million in cash.
As a leader in the development and distribution of unparalleled casino experiences and technology, Galaxy Gaming will strengthen Evolution's product portfolio to enable Deliver revolutionary content and services to customers. Evolution already has a strong portfolio of cutting-edge gaming products and has become the partner of choice for casino operators around the world.
According to the announcement, this strategic merger and acquisition transaction is in line with Evolution’s ambition to become a casino gaming powerhouse. Additionally, the acquisition of Galaxy Gaming will strengthen Evolution's position in the increasingly competitive but lucrative U.S. market. For example, earlier this month, Evolution offered live dealer games to BetRivers.
Finally, this agreement will strengthen Evolution's position as the leading licensor of iGaming operator-exclusive table games.
Galaxy Gaming is a successful company with projected 2024 revenue of $29 million to $30 million and projected adjusted EBITDA is $12 million to $13 million.
Martin Carlesund, CEO of Evolution, celebrated the agreement and said his team was excited about the announcement of the acquisition of Galaxy Gaming. He believes that this merger and acquisition transaction is an "important milestone" in the company's mission to provide customers with "unparalleled gaming experiences."
Galaxy Gaming's superior products and technologies complement our existing product portfolio and strengthen our strategic position.
Carlesund added that Evolution does not plan to change Galaxy Gaming's management and team and may move the company as an independent and separate Business unit operations.
Galaxy Gaming CEO Matt Reback was equally pleased to announce the deal, which he said will bring together two best-in-class, Customer-focused teams come together to benefit all stakeholders.
Reback further elaborated that the arrangement would combine Galaxy Gaming's thriving presence in land-based gaming with Evolution's global reach and iGaming leadership positions combined.
This acquisition by Evolution allows Galaxy to remain independent and continue to focus on growing and expanding its business, leveraging Evolution's operational and financial Strengths enable product sharing and drive cutting-edge omni-channel innovation.
Meanwhile, Evolution Georgia has recently experienced problems with disgruntled employees demanding better working conditions.
