Toronto-headquartered gaming technology firm, Newgioco Group Inc., completed the acquisition of virtual gaming software developer, Virtual Generation Limited for an approximate consideration of $4.5 million in a combination of cash and stock.
Newgioco plans to utilize the VG platform for racing, keno, American Roulette and other casino games, within its ELYS platform. Simultaneously, Newgioco plans to introduce the VG product line into the regulated Italian market, utilizing Newgioco’s existing Italian ADM platform certification.
“We are intimately knowledgeable about the power of the assets we have purchased as VG’s platform has been operating on our ELYS platform for some time,” Michele Ciavarella, chief executive officer of Newgioco, said.
“We are eager to pursue and engage with customers on a number of near-term opportunities, including the tribal gaming market in the U.S. We expect this acquisition to be immediately accretive to our first quarter 2019 financial results.”
VG’s software is a random number generator (RNG) certified by Gaming Laboratories International (GLI) and includes a growing portfolio of products including horse racing and greyhound racing, league play football (soccer), keno and American roulette.
VG currently operates in Italy, Albania, Turkey, Mexico, Peru, Paraguay, Nicaragua, Honduras, Colombia, Dominican Republic, Nigeria and Uganda.