Upon the deal’s completion, online casino platform developer SuprNation will transform into a wholly-owned subsidiary of DoubleDown.

The US-based social gaming company DoubleDown Interactive has revealed that it has made a deal to purchase the online casino gaming company SuprNation AB in an all-cash transaction.

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First Post-IPO Acquisition

On a cash-free and debt-free basis, acquiring the Swedish iGaming company SurpNation by DoubleDown Interactive will cost €33 million ($35.4 million). 

This transaction will be subject to a final financial review in 2022. As the chief executive officer of DoubleDown Interactive, Keuk Kim, was excited to announce the company’s first acquisition since its initial public offering (IPO), he pointed out that the company’s business with SurpNation complements DoubleDown’s “existing social casino franchise” while also providing exposure to new markets that offer growth opportunities. Kim was pleased to make the announcement.

Grabbing Synergy Opportunities in Online Gaming Market

A press release says that the European iGaming industry’s footprint has grown due to the acquisition of SuprNation, and we anticipate expanding into additional geographical markets in the near future.

Kim explained that DoubleDown would like to expand its loyal client base, which SuprNation’s “gaming titles and fascinating gamification elements have already developed.” DoubleDown plans to do this by “grabbing synergy opportunities” in the online gaming market.

Following the discussion, Kim came to the conclusion that “while the company analyze inorganic growth prospects, we will continue to focus on gaming industries that offer demonstrable synergies with our existing strengths.”

Take advantage of synergies in both marketing and operations

Using SuprNation’s European presence and licenses from the UK, Isle of Man, Sweden, and Malta, as well as its established relationships with acquisition channels, DoubleDown expects to leverage synergies in the areas of marketing, technology, and gaming content, as well as back office in-sourcing and app development. This will be accomplished by utilizing SuprNation’s European presence and licenses.

The co-chief executive officers of Surpnation, Joakim Stockman and Henric Andersson, expressed their enthusiasm about Surpnation “being a part of DoubleDown” while also expressing their anticipation about “looking forward to utilizing the assets of both firms in the years to come.”

SuprNation’s unaudited preliminary review for the year-to-date ended September 30, 2022, showed revenue of approximately $18.3 million, and its flagship title, Duelz, features peer-to-peer gamification and social features in a real-money gaming environment that can be used for engagement and monetization. SuprNation’s fiscal year ends on September 30, 2022.

Expecting to Take Place in the Second Business Quarter of 2023

After the completion of the all-cash acquisition of SuprNation, which is expected to take place in the second business quarter of 2023 (subject to satisfaction or waiver of certain customary closing conditions), SuprNation will become a wholly-owned subsidiary of DoubleDown Interactive LLC, which is DoubleDown’s US wholly-owned subsidiary. This is subject to satisfaction or waiver of certain customary closing conditions.

Within nine months of the agreement’s execution, either party may request the termination of the Share Purchase Agreement if the closing conditions are not satisfied or waived. This request must be made in writing.

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