Evolution completes acquisition of NoLimit City to add to its growing portfolio of video slot development companies. (Image from Tumisu at Pixabay.com)
Evolution, the leading live casino supplier and owning company of iGaming brands, including NetEnt and Big Time Gaming, has revealed it has now completed the acquisition of yet another. The company revealed back in June that it had reached an agreement to purchase the leading slot development company, NoLimit City. That agreement, which is now closed, was for €340 million down, which is broken up into an upfront payment of €200 million and additional earn-outs that will amount to €140 million.
Evolution just today has announced that all regulatory approvals have been met and therefore, has successfully completed the acquisition of the leading slot development company. This was also confirmed from the other end as NoLimit City retweeted the announcement.
Already renowned as the leader of the live casino vertical, Evolution has spent the last few years buying up developers working in the slot vertical. This is to get a piece of a vertical that continues to be the most popular (though live casino games are catching up). Evolution previously acquired NetEnt, which also brought Red Tiger Gaming as part of the deal and acquired Big Time Gaming last year. This is on top of the purchase of Ezugi, another live casino brand, a couple of years prior.
The acquisition of NoLimit City is a sensible one on paper considering the growth of the slot development company in recent years. That company also shares many of the same core values of Evolution. Specifically, NoLimit City likes to innovate by developing games that are unique to any other in the industry.
Jonas Tegman, NoLimit City’s co-founder is on record stating this about Evolution’s acquisition:
With Evolution by our side, we are confident that NoLimit City will have the resources required to come up with the best slot offerings on the market.
Acquisition Follows a Strong Performance in the Second Half of 2022
This news comes off the back of Evolution posting a 36.2% increase in profits in Q2 of 2022 when compared to the same period in 2021. That performance is a strong indicator of the growth that the company has enjoyed. It is also no doubt helped by that string of acquisitions. Landing NoLimit City should also ensure the company continues to grow in the medium to long term.
As for other Evolution news in 2022, the live casino supplier has launched a number of excellent new titles. That includes the Gold Bar Roulette, XXXtreme Lightning Roulette and Crazy Coin Flip live gameshows. We also expect Evolution to release the highly anticipated Monopoly Big Baller in the coming weeks. That title is a combination of Monopoly Live and Mega Ball and will offer players the chance to trigger the iconic Monopoly bonus round.
The company has also been busy strengthening its presence in North American markets. Recently, Evolution announced the opening of its fourth live studio in the US, this time in Connecticut. Ontario, Canada, is another iGaming market the live casino supplier has worked hard to get a strong foothold. Of course, the supplier has also worked on creating partnerships in many of the other markets it operates as well.
It seems that life is good for Evolution right now and we can only imagine it will get even better in the foreseeable future. The acquisition of NoLimit City is definitely another statement for the company as it continues on its mission to become the world’s numero uno casino games provider. Arguably, you could say that is the case already!
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