Adventure Box has signed a non-binding letter of intent to acquire 100% of the circulating shares of Asian casino solution provider RWB. This acquisition will grant Adventure Box full ownership of RWB, including its related products, assets, and intellectual property.
The acquisition is valued at $18 million, acquiring 100% of the provider's shares, and is expected to be completed at the beginning of the second quarter. According to an unaudited management report, RWB's revenue for 2024 is $20 million, EBITDA is $10 million, and turnover is close to $1 billion.
Regarding this acquisition, Duncan McIntyre, CEO of Adventure Box, stated: "This acquisition marks the beginning of an exciting new chapter for both companies. By integrating RWB's innovative solutions and deep market expertise, we have a unique advantage to expand our business in Asia and provide higher value to our customers and partners.
"Looking forward, RWB and its existing brands will become our flagship B2C assets in Asia. Our strategy is to enter the regulated Asian markets."
James Chung, strategic advisor to RWB, added: "Joining the Adventure Box family will unleash tremendous potential for RWB. We look forward to working closely with the Adventure Box team to accelerate innovation and meet the ever-changing demands of the iGaming market."
In June 2024, Adventure Box acquired Lion Gaming for SEK 475 million ($45 million), entering the gambling market. Adventure Box was initially a computer gaming company, known for its KoGaMa platform, where users can create, share, and play various 3D games.
Mads Jørgensen, Chairman of the Board of Adventure Box Technologies, described this acquisition as an opportunity for synergy and added: "This acquisition lays the foundation for a strong, cutting-edge technology-driven global company that will change the game for operators, suppliers, and most importantly, players."
