The $35m acquisition will be all-cash and is expected to close in Q2 2023, pending approval of the customary closing conditions.
Keuk Kim, CEO of DoubleDown Interactive, said: “We are pleased to announce the first acquisition since DoubleDown’s IPO that we believe complements our existing social casino franchise well and exposes DoubleDown to new growth markets.
“The acquisition of SuprNation increases our presence in the European iGaming market, with other geographies expected to be added over time.
“Their gaming titles and captivating gamification features have created a loyal customer base that we aim to grow while capturing synergy opportunities, including incorporating our deep online gaming experience.”
Meanwhile, Joakim Stockman and Henric Andersson, Co-CEOs of SuprNation, commented: “We are extremely excited to become a part of DoubleDown and are looking forward to leveraging the obvious strengths of both companies in the years to come.
“As part of DoubleDown, we expect to accelerate our expansion and grow our real money gaming foothold through continued development of unique products and efficient marketing strategies.”
In recent news, DoubleDown’s Q3 results showed a 9% fall in revenue.
Meanwhile, its operating costs increased to $124.1m, up from $59.2m in Q3 2021 – and its adjusted EBITDA fell to $25m, down from $30.2m in the prior-year period.
The story is much the same when looking at the results for the first nine months of the year so far, with revenue down to $244.9m, compared to $276.9 in 2021. However, its adjusted EBITDA is surprisingly up in the first nine months of 2021, totalling $76.9m for 2022 against $61m in the previous year.
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