American table games innovator Galaxy Gaming Incorporated has announced the signing of an agreement that is to see it spend just over $12.42 million in order to purchase Isle of Man-based counterpart Progressive Games Partners LLC.
The Las Vegas-headquartered firm used an official Tuesday press release to explain that the arrangement will involve it handing over between $6.42 million and $10.42 million in cash with the outstanding balance to be satisfied via the issuance of new shares featuring an individual value of $1.91.
Galaxy Gaming Incorporated detailed that it develops and distributes a range of proprietary table games as well as enhanced bonusing systems and electronic wagering platforms to online and land-based casino operators around the world. It stated that procuring Progressive Games Partners LLC will subsequently allow it to more effectively exploit opportunities in the rapidly-growing iGaming market of the United States by building better relationships with partners that ‘are expanding their sphere of operations online.’
The Nevada firm proclaimed that Progressive Games Partners LLC is already responsible for the global distribution of ‘a comprehensive suite of proprietary casino table games’ including the popular Caribbean Stud Poker and Perfect Pairs innovations. It moreover declared that the enterprise inked its first licensing agreement in 2003 and has since fostered ‘close working relationships with the leading online operators and platform providers across the western world’.
Todd Cravens, President and Chief Executive Officer for Galaxy Gaming Incorporated, used the press release to pronounce that Progressive Games Partners LLC additionally holds the ‘exclusive online distribution rights’ for his own firm’s content and that its purchase will enable this portfolio to gain exposure across a wide range of new markets.
Read a statement from Cravens…
“We see online gaming as a key development and expansion area for our business and believe that our great table games will be received well as more and more markets open iGaming. We’re excited to by this opportunity and challenge.”
For his part and Chris Reynolds, Chief Executive Officer for Progressive Games Partners LLC, described the games his firm distributes on behalf of Galaxy Gaming Incorporated as ‘our most important revenue producers’ and that he is now looking forward to continuing this success ‘as one entity.’
Reynolds’ statement read…
“I have no doubt that those games will continue to enjoy great popularity and success in the regulated online gaming markets and we are already developing our strategy and relationships to ensure that they will be well positioned to participate in the expanding market of the United States.”