DoubleDown to expand into real-money gaming with $35m SuprNation acquisition
DoubleDown chief executive In Keuk Kim said the SuprNation offering complements the existing DoubleDown free-to-play business.
“We are pleased to announce the first acquisition since DoubleDown’s IPO that we believe complements our existing social casino franchise well and exposes DoubleDown to new growth markets,” Kim said. “The acquisition of SuprNation increases our presence in the European igaming market with other geographies expected to be added over time.
“Their gaming titles and captivating gamification features have created a loyal customer base that we aim to grow while capturing synergy opportunities, including incorporating our deep online gaming experience.”
Further DoubleDown acquisitions
After announcing DoubleDown’s Q2 financial results, Kim said the business was evaluating M&A opportunities “outside of social casino”. Upon announcing the SuprNation deal, he added that DoubleDown will continue to look for possible acquisitions.
“As we evaluate inorganic growth opportunities, we will continue to focus on gaming businesses that offer clear synergies with our existing strengths.”
SuprNation owns the VoodooDreams, NYSpinz and Duelz brands, and is licensed in Malta, Sweden, the Isle of Man and Great Britain.
Joakim Stockman and Henric Andersson, co-chief executive officers of SuprNation, said the business is set to expand more rapidly as part of a larger group.
“We are extremely excited to become a part of DoubleDown and are looking forward to leveraging the obvious strengths of both companies in the years to come,” he said.
“As part of DoubleDown, we expect to accelerate our expansion and grow our real money gaming foothold through continued development of unique products and efficient marketing strategies.”
The all-cash deal is set to close in Q2 of this year.