In June, Evolution agreed to acquire the slot developer, Nolimit City, for €200m ($211.76m) upfront, with a further €140m dependent on future performance in 2023, 2024 and 2025.
Evolution stated that they would pay in cash for the entire acquisition, including the potential future payments.
Nolimit City will be the fourth brand under Evolution’s slots portfolio. The latter made its first foray into the sector in 2020 when it acquired NetEnt, which had recently purchased Red Tiger. Then, Evolution also acquired the supplier best-known for the Megaways mechanic, Big Time Gaming.
For this year, the business anticipates revenue from Nolimit to reach €30m, while earnings before tax, depreciation, interest, and amortisation are forecast to be around €23m.
Nolimit City co-founder Jonas Tegman said: “I cannot think of a better match between two companies than between Nolimit City and Evolution; we are fully aligned in terms of people, product, technology and how to get the job done.”
Nolimit’s distinctive style of slot games and relatively infrequent releases appear to match the strategy Evolution implemented for NetEnt after closing that deal, which slowed down the number of new game releases per year.
Tegman added: “The slot vertical is under massive change, and we can’t wait to take on the challenge of global expansion together with Evolution, helping out with navigating towards the best slot product offering in the market,”