Online casino LeoVegas has agreed a £65m deal to buy up UK operator Intellectual Property and Software.
The agreement sees the Swedish company, who bought Royal Panda in 2017, take on IPS brands 21.co.uk, Slotboss, Bet UK and UK Casino. LeoVegas has also bought UK digital marketing firms EDM and Rocket 9.
IPS generated revenue of £11.7m during the fourth quarter of last year and, together with the two other firms, totals an adjusted EBITDA of £3.8m. The acquisition will be financed by cash and from existing debt facilities.
Gustaf Hagman, LeoVegas' group CEO, said: "In IPS we see several attractive attributes and they have tremendous momentum in their growth and profitability.
“Combined with one of the market's most effective customer acquisition models, we are now gaining a firm stronghold in the UK with the acquisition of 85 employees with local expertise.
"With this acquisition, we are adding a company culture with a strong technology and product focus which is a perfect fit with LeoVegas to further strengthen the group's position.”