Betting software developer Playtika has announced that they've entered an agreement to purchase mobile software group Innplay Labs for $300 million.
The agreement will see Playtika putting up $80 million in cash, but there will be certain goals and incentives that could push the price of the deal to $300 million. The exact terms of the deal weren't made available, but the agreement will be subject to regulatory proceedings and approvals.
Innplay Labs is based out of Israel and was founded in 2019. It specializes in developing mobile games, albeit not necessarily in the gambling vertical. The company's titles include the likes of Animal Kingdom, Tiles of Fortune, and Brix Master. These games are downloadable through the iOS App Store or Google Play Store.
Playtika is also based out of Israel and was established in 2010. The company has etched out a niche in the mobile space as well, but also deploys social casino apps. The company's betting titles include Caesars Slots, WSOP, Monopoly Poker, and others.
Playtika CEO Robert Antokol commented on the deal, noting: "The acquisition of Innplay Labs represents another strategic expansion of our portfolio with a promising and innovative growth franchise in the Luck Battle genre.
"It presents another opportunity for us to further utilise our expertise in leveraging live operations and proprietary technology to drive sustained, long-term growth.
"As a fellow Israeli-based company recognised for innovation, Innplay's talented team shares our culture of focus, speed and agility. We are excited to embark on this journey together and to rebrand Animals & Coins alongside Innplay."
Innplay Labs CEO Ore Gilron also commented, added: "In 2019, Innplay Labs formed with the goal of shaping the next generation of mobile gaming. Four years later, our robust team of talented high skilled game operators have put their passions together to create an outstanding game product with rich engaging content, providing our audience with a uniquely entertaining gaming experience.
"Looking ahead, we believe becoming a part of Playtika's strong portfolio of casual titles will take Innplay Labs to new heights."