Evolution has announced that it has signed an agreement to acquire B2B social streaming game provider Livespins.
According to a statement released today, the acquisition will be for a total up-front cash consideration of €5 million ($5.3 million). The deal also includes an earn-out provision based on the company’s performance in 2026. The deal is set for completion in H1 2024.
Todd Haushalter, Evolution’s Chief Product Officer, commented:
“Playing along with a streamer is a whole new way to play online casino games. This was on our roadmap, so when the opportunity with Livespins arose, things moved quickly. Bringing together the fantastic tech, processes and know-how of the team at Livespins with Evolution’s huge game portfolio, we will provide Livespins immediately with unparalleled distribution power via our One Stop Shop (OSS) integration. Twitch, YouTube, and other platforms have proven the popularity of live streaming while playing online casino games.
We think players would love to play along with them and now that will be possible, right from the Evolution lobby.”
Livespins CEO Chris Scicluna added:
“This is an unprecedented milestone for Livespins and we couldn’t be happier to be joining the Evolution Group. Although we have content from 40-plus studios already integrated, we are still in a start-up phase, so to attract the attention of Evolution is incredible. It’s also a reflection of all the hard work that our team has poured into this concept, and the unwavering belief that the Livespins product would revolutionise the industry.”
Strong Start to 2024
Earlier this month, the company announced strong growth across in its latest financial briefing.
The trading update for the fourth quarter of 2023 showed Evolution’s operating revenues reaching €475.3 million ($513.9 million), a 16.6% increase from the same period in 2022. EBITDA for Q4 2023 also saw a significant rise, growing by 20.5% to €337 million ($364.3 million) from €279.5 million ($302.2 million) in Q4 2022.
Operating profit for the last quarter of 2023 followed suit, growing by 21% to €302.6 million ($327.1 million). Evolution’s profit for Q4 2023 surged by 26.6% to €282.9 million ($305.8 million), with the profit margin rising from 54.8% in Q4 2022 to 59.5% in Q4 2023.
Evolution’s operating revenues for 2023 amounted to €1.8 billion ($1.94 billion), marking a 23.5% increase from €1.46 billion ($1.58 billion) in 2022. The company’s EBITDA for the full year improved by 25.7% to €1.3 billion ($1.41 billion), with operating profit growing by 25.8% to €1.14 billion ($1.23 billion). Profit for the year rose by 27% to €1.07 billion ($1.16 billion), continuing the company’s positive financial trajectory.
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.