DoubleDown Interactive Completes Acquisition Of iGaming Operator, SuprNation
October 31 2023 - 3:05PM
DoubleDown Interactive Co., Ltd. (NASDAQ: DDI) (“DoubleDown” or the
“Company”), a leading developer and publisher of digital games on
mobile and web-based platforms, announced today the completion of
its previously announced acquisition of iGaming operator,
SuprNation AB (“SuprNation”), for total cash consideration of
approximately $36.5 million(1) (€34.3 million). The acquisition
diversifies the digital games categories that DoubleDown addresses
with the addition of three real-money iGaming sites in Western
Europe. Following the closing, Mr. In Keuk Kim, Chief Executive
Officer of the Company, will be appointed as the Chairman of
SuprNation.
SuprNation is a technology company founded in
2015 to serve as a home for creative people in the iGaming
industry. Its first product was launched in the summer of 2016, a
casino intended to deliver a better user and gaming experience than
what was previously available. SuprNation owns the VoodooDreams,
NYSpinz and Duelz brands, and is licensed in Malta, Sweden, the
Isle of Man and Great Britain.
“The acquisition of SuprNation is an important
step in establishing our presence in new high-growth gaming
categories that are complementary to our core social casino
operations where we can leverage our game developers’ expertise in
game creation and our marketing platform to scale the business
profitably,” said In Keuk Kim. “SuprNation has a strong and loyal
player base in several European markets such as Sweden and the
U.K., and we expect to add more regulated jurisdictions over time.
We are confident in our ability to leverage our broad portfolio of
casino game content and development expertise to further expand
SuprNation’s differentiated online casino gaming experiences, such
as their flagship title, Duelz.com, to drive growth in the
business.
“In addition, to anticipated revenue growth
opportunities which will benefit from both DoubleDown’s and
SuprNation’s significant player engagement and monetization
expertise, we expect to realize synergies in our player acquisition
activities as well as other costs such as marketing, back office
in-sourcing and potential native Apple/Android app development. We
are delighted to welcome the SuprNation team members to DoubleDown
and look forward to working collaboratively on our initiatives to
drive growth across the business.”
Joakim Stockman and Henric Andersson, Co-Chief
Executive Officers of SuprNation commented, “In combining
DoubleDown’s and SuprNation’s strengths in game development and
player engagement and monetization, we are excited about the
prospects of accelerating the growth of SuprNation’s real-money
iGaming operations. We look forward to working with In Keuk Kim and
the entire DoubleDown team to further unlock SuprNation’s growth
potential."
Note: (1) Based on exchange rate of €1= $1.064
as of October 27, 2023.
About DoubleDown Interactive
DoubleDown Interactive, Co. Ltd. is a leading
developer and publisher of digital games on mobile and web-based
platforms. We are the creators of multi-format interactive
entertainment experiences for casual players, bringing authentic
Vegas entertainment to players around the world through an online
social casino experience. Our flagship title, DoubleDown Casino,
has been a fan-favorite game on leading social and mobile platforms
for years, entertaining millions of players worldwide with a lineup
of classic and modern games.
Forward-Looking Statements
This press release contains forward-looking
statements relating to, among other things, the Company’s
expectations related to the acquisition of SuprNation and its
ability to achieve the intended benefits of the acquisition; and
the Company’s future economic performance and its ability to
achieve financial projections. Forward-looking statements often
include words such as “outlook,” “projected,” “intends,” “will,”
“anticipate,” “believe,” “target,” “expect,” and statements in the
future tense are generally forward-looking. The achievement or
success of the matters covered by such forward-looking statements
involves significant risks, uncertainties and assumptions,
including those described in the Company’s public filings with the
SEC, copies of which may be obtained by visiting the Company’s
Investor Relations web site or the SEC’s website at www.sec.gov.
The Company’s actual results could differ materially from those
predicted or implied, and reported results should not be considered
as an indication of its future performance. Factors that could
cause or contribute to such differences include, but are not
limited to, delays or other challenges in the integration
SuprNation and the success of its current and future games as part
of the Company. Undue reliance should not be placed on such
forward-looking statements, which are based on information
available to the Company on the date hereof. the Company assumes no
obligation to update such statements.
DoubleDown Contacts:Joe
Sigristir@doubledown.com +1 (206) 773-2266Chief Financial
Officerhttps://www.doubledowninteractive.com
or
Joseph Jaffoni or Richard LandJCIR+1 (212)
835-8500DDI@jcir.com
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