After finalizing its outright acquisition of Malta-based online casino operator ComeOn! in December, Swedish firm Cherry AB has now announced that all of its consumer-facing Internet gaming activities are being unified under a new ComeOn!-branded business division.
Stockholm-listed Cherry AB earlier revealed that ComeOn! holds online gaming licenses from authorities Malta, Curacao, the United Kingdom and the German state of Schleswig-Holstein and operates over a dozen domains including CherryCasino.com, ComeOn.com, SunnyPlayer.com and SveaCasino.com. It stated that the purchase, which could end up costing it almost $300 million, is expected to triple its annual revenues to as high as $302 million and see it become the third largest Scandinavia-focused private sector gaming firm.
Cherry AB explained that all of its consumer-facing online gaming activities will be run through the new ComeOn! division from April 1 while it intends to continue operating performance-based marketing via its Game Lounge concern with its XCaliber enterprise handling technology development. It further declared that all of its online games are to be developed by its Yggdrasil Gaming concern with its restaurant casino operated by the Cherry Spelgladje subsidiary.
“By clearly branding this business area we are, just as with XCaliber, Game Lounge and Yggdrasil [Gaming], being even more clear and specific about how we build shareholder value while supporting and acknowledging the diverse needs of each of our business areas,” read a statement from Anders Holmgren, Chief Executive Officer for Cherry AB.
Cherry AB, which employs around 900 people, spent approximately $85 million in July to acquire a 49% stake in ComeOn! before exercising an option for the remaining interest on December 12. It proclaimed that the new organizational structure will help it to “re-emphasize its operational independence” and align ComeOn! with “other business areas owned and built up by Cherry AB”.
“We are building a business area, merging Cherry iGaming and ComeOn!, with some brands within it and setting a new unified culture and actionable values,” read a statement from Jonas Wahlander, Chief Executive Officer for the new ComeOn! division. “We, therefore, wanted to take this opportunity to have a really good think about what name mirrors this best. After spending some time, we were not able to point to any brand alternative being on par or better than ComeOn!. It’s simply a great name and perfectly summarizes our cultural attitude.”