This story was published more than 1 year ago.
Online betting software developer NetEnt has announced that they've decided to fully integrate recently-purchased Red Tiger into their business operations moving forward.
The decision will see 120 positions within the company made redundant in offices within Stockholm and Malta, as restructuring is done to bring the developer's team into the fold. NetEnt will also be working to pay the earn-out conditions that were spelled out in the purchase agreement made last year. The payout cap was £22 million, and seeing as how the merger has been successful thus far, the payout was approved in full.
Speaking about the decision NetEnt's CEO Therese Hillman said, "We are now entering the next phase of the integration with Red Tiger, whose sellers are also becoming shareholders of NetEnt. The integration will unleash the full potential of our shared capabilities, create significant efficiency gains in games development and strengthen our position as the market leader in online casino."
Red Tiger and NetEnt have put out one jointly developed game thus far, Piggy Riches. The game launched in January, and NetEnt claims the title is the most successful Red Tiger release to date.