Private investment firm The Visualize Group has agreed to acquire eCOGRA, a provider of testing, inspection, certification, and compliance (TICC) services for the gaming industry, from Hanover Investors Management LLP.
Financial terms were not disclosed, and the transaction remains subject to customary regulatory approvals and clearances.
The acquisition represents Visualize’s second investment in the gaming TICC sector following its acquisition of BMM Testlabs earlier this year.
eCOGRA will continue operating under its current leadership, with CEO Will Shuckburgh remaining in charge of the business.
C. C. Melvin Ike, Founder and Managing Partner of Visualize, said: “As high-conviction thematic investors, we back exceptional businesses and management teams providing mission-critical services in growing markets, and we build deep expertise in the sectors to which we commit.”
“With eCOGRA, our intention is straightforward: to build eCOGRA into a generational business that can deliver faster, more responsive, and more innovative service to a fast-growing market that needs more high-quality service. We’re thrilled to partner with Will and the entire eCOGRA team.”
Founded in 2003 and headquartered in London, eCOGRA provides compliance and certification services for iGaming operators, gaming software suppliers, platform providers, and regulators across more than 50 jurisdictions. The company conducts independent testing and certification to help operators meet regulatory requirements and support gaming product compliance.
According to Visualize, demand for regulated gaming TICC services continues to grow as regulators require independent testing and certification before gaming products enter the market and after product updates. The company said demand also increases as additional jurisdictions regulate gaming, compliance requirements change, and artificial intelligence contributes to more complex gaming products.
Will Shuckburgh, CEO of eCOGRA, said: “For more than two decades, eCOGRA’s mission has been to ensure that players can trust the games they play and that operators can meet the highest standards of compliance. As regulated gaming expands into new markets around the world, the demand for fast, rigorous, and reliable certification has never been greater.”
“Partnering with Visualize gives us the resources to serve our customers better — to invest in our people, our technology, and our capacity — while continuing to operate with the independence and integrity that our accreditation partners and customers expect.”
Visualize said BMM and eCOGRA will continue to operate as independently accredited businesses with separate standards, methodologies, and decision-making processes. While BMM provides testing and certification across land-based and online gaming, eCOGRA focuses on the digital gaming segment.
The investment firm said it plans to increase operational capacity, expand licensing coverage, reduce turnaround times, and provide customers with additional service options. It also intends to extend its employee ownership program to eCOGRA’s workforce as part of the transaction.
David Cowan, Managing Partner at Hanover Investors, said: “We invested in eCOGRA because it was a high-quality business operating in an attractive market, with a well-earned reputation that had been built over many years.”
“We are proud of what has been achieved during our ownership and grateful for the commitment and hard work of Will and the wider eCOGRA team. We believe Visualize is the right partner to support the next phase of growth and are excited to see eCOGRA continue to develop in the years ahead.”