Toronto-based gaming technology company Bragg Gaming Group has officially completed the highly anticipated acquisition of multi-asset gaming technology and content platform Drayton International.
Bragg has this way marked yet another major step in the company’s efforts to expand its footprint in the United States, one of the world’s most competitive gaming markets.
The $9M Deal That Will Boost US Growth
Bragg, which earlier in the month confirmed a fresh round of layoffs as part of its AI-First Transformation, announced that the $9 million transaction, first made public in May, has now closed.
The deal was completed entirely through the issuance of 4.5 million new Bragg shares, which will remain subject to lock-up restrictions for up to two years.
Drayton International will allow Bragg to benefit from well-established distribution capabilities as well as a portfolio that will help accelerate its growth ambitions across the US.
Drayton’s portfolio features equity interests in a number of licensed gaming studios while also introducing Bragg to Advance Deposit Wagering, a constantly rising segment in the US gaming market.
The new deal will offer Bragg access to easy-to-integrate proprietary game content.
Chief executive officer Matevz Mazij called the acquisition an important milestone for the company, arguing that it will offer Bragg a direct route into the American market at a particularly important time with constantly growing demand for online gaming content.
Changes at the Top
The completion of the deal comes alongside a series of leadership changes. Matt Davey, founder and chairman of gaming investment firm Tekkorp Capital that owns 10% of Bragg’s outstanding shares, has been appointed non-executive chairman of Bragg’s board.
Davey will succeed Holly Gagnon, who will remain on the board as a director. Meanwhile, Mazij was asked to step down from the board after a shareholder vote earlier this year rejected his re-election. She will, however, continue to serve as chief executive officer.
While Bragg’s expansion in the United States, Latin America, and Europe continues, the company is also busy with a series of significant restructuring efforts. Earlier this year, the company announced two rounds of job cuts as part of a broader strategy focused on improving efficiency and cutting costs.
The company has also dealt with the loss of a major client, Entain’s BetCity, and changes within some of its development studios, including Wild Streak Gaming, its premium slot studio in Vegas.