- Letter of intent to form a joint venture with NGT Interactive LLC, operating under the name New Games Technology
- The joint venture will operate under the name Copacabana Gaming
- Staffan Cnattingius is intended to be appointed CEO of the joint venture and will be taking the position as CCO in Spiffbet Group.
- Spiffbet gains a strong foothold in the Latin American market
- Spiffbet and NGT Interactive will hold 45% each in the joint venture and Staffan Cnattingius will hold 10%
Spiffbet AB ("Spiffbet") has signed a letter of intent to acquire a 45% stake in a new Swedish joint venture company that will own and operate the Copacabana Gaming, a B2B game studio that provides content for the international market. NGT INTERACTIVE LLC ("NGT"), the current owner of Copacabana Gaming, will also hold a 45% share of the new joint venture company. Staffan Cnattingius is intended to be appointed CEO of the joint venture company and will hold a 10% ownership stake. Copacabana Gaming is primarily developing games aimed at the Latin American markets. Copacabana Gaming was founded in 2017 and has started gaining traction in the local market with a handful of clients and a steady flow of new game releases. The forecasted sales of Copacabana Gaming for 2019 amounts to EUR 75,000. The company expects to be breakeven on a monthly basis during 2020.
The management of NGT and Spiffbet foresee strong synergies with coordinated product development and benefiting from a common corporate infrastructure. A strong driver behind the transaction is the opportunity to coordinate sales and extend sales reach for both companies. Thus, Staffan Cnattingius is intended to head up sales of both Spiffbet and Copacabana Gaming. Staffan Cnattingius has long experience of sales in the gambling industry and has spent a major part of his career living and working in Brazil and Latin America. Prior to this, Staffan Cnattingius was CCO of QTech, a game distribution network, and before that he was Head of Latin America at Play n' Go, a game producer.
"With this expected deal we get an experienced sales executive, we get recognition as part owned by a Swedish listed game developer and can benefit from the strong operational synergies with Spiffbet. We aim to close the deal as soon as practicable possible and are looking forward to getting access to Staffan Cnattingius' experience to boost sales in Copacabana Gaming", comments Edgar Lenzi, legal advisor and board representative of NGT.
"We look forward to welcoming Copacabana Gaming to the Spiffbet family. This deal will, if and when concluded, be a major step to increase our market coverage in other continents and it provides a strong foothold in Latin America. In addition, we will get access to a dedicated team of game designers and developers, with ambition to expand. We hope to profit from selling Copacabana Gaming's products to our existing clients and our products to their clients. We also welcome Staffan Cnattingius who will be essential with his long industry experience from sales in Latin America.", says Henrik Svensson, CEO of Spiffbet.
"I am really excited to get started with Spiffbet and Copacabana Gaming. I have a long relationship with Copacabana Gaming's founders, and I know their capacity and ambitions, which makes me confident that we can achieve high quality and get good traction in sales of their games. Combined with Spiffbet's existing presence in Europe and Africa I believe we have a very strong setup going forward.", concludes Staffan Cnattingius.
If and when concluded the proposed joint venture will see Spiffbet invest considerable resources in terms of sales capacity, technological platform and sharing know-how. In addition, Spiffbet will inject EUR 225,000 over a period of 20 months in order to boost expansion further. NGT will transfer all shares in Copacabana Gaming to the joint venture as consideration for their 45% share of the new joint venture company. NGT will also add resources in terms of key personnel, local contacts, technology etc. The parties aim to close the transaction as soon as practicable possible. The deal is conditioned on due diligence and final negotiation of the investment agreement.
NGT (NGT Interactive LLC), is a product developer in the retail and online gambling industry, with operations in Mexico, Philippines, Dominican Republic, Costa Rica, Peru and Brazil and clients all around the world. The company was founded in 2017. The company is headquartered in Delaware, USA.
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