Gaming Innovation Group (GIG) has agreed to buy iGaming company Betit Holding in an all-share deal valuing Betit at 58 million euros, and creating one of the largest and fastest growing players in the Scandinavian iGaming market.

The 2013-founded Betit owns three online casinos: Kaboo.com, SuperLenny.com and Thrills.com. The firm’s 2015 revenues roughly doubled to 20.6 million euros.

“Combined, Betit and GIG will operate six brands, and the acquisition will create attractive commercial, operational and technological synergies, as well as enable cost savings and accelerated growth,” GIG said in a statement.

GIG stressed the role of Betit’s proprietary front-end platform enables synergies between the brands and provides powerful marketing capabilities such as innovative gamification and CRM features, in addition to providing a best in class mobile product for all brands. This will also enhance the offering of GIG’s gaming brands going forward and is highly complementary to GIG’s current offering.

“Through this agreement, we team up with some of the most accomplished entrepreneurs in the industry, significantly enhancing our reach to end-users, marketing partners and professionals. Our vision is to make the industry an open and connected eco-system and we will all benefit from the commercial and operational synergies. The acquired technology will accelerate our ability to grow and strengthen our base for further M&A activity”, said Robin Reed, CEO of GIG.

Strong iGaming shareholder

Betit’s main shareholder is Optimizer Invest, an iGaming investment company founded and owned by Henrik Persson, Andre Lavold and Mikael Riese Harstad, who previously have managed a number of successful iGaming companies such as Betsafe, NordicGaming Group (NordicBet) and BestGames Holdings.

Optimizer will own roughly 16 percent of GIG after the deal has gone through. “Optimizer is extremely excited about this partnership with GIG, and we see a great opportunity to create a leading iGaming company. As a significant shareholder in GIG, we will take an active role to make sure the company will release its full potential in the years to come. This is a journey in its early innings, and we see this as a long-term commitment within the iGaming sphere. We believe that by us joining forces, we have a very strong constellation to further accelerate growth as we seek to revolutionize the iGaming industry,” said Henrik Persson, partner in Optimizer Invest.