Online gaming software provider Microgaming has agreed to the sale of its Quickfire distribution business and portfolio of online games, including progressive jackpot titles, the company announced on Tuesday. The assets will be sold to Games Global Limited, and the terms of the transaction have not yet been disclosed. A change of CEO is in place in the company as well.
The deal, which has been described by the company as a “landmark sale,” is subject to newly-established Games Global receiving regulatory approvals and is expected to complete in Q2 2022. Games Global is a private capital-backed company led by CEO Walter Bugno, former EVP of new business and strategic initiatives at IGT with executive positions at Lottomatica as well; and CFO Tim Mickley, previously of SafeCharge and Playtech.
Under the reached agreement, Games Global will acquire the international distribution rights to Microgaming’s exclusive gaming content, as well as inheriting a customer base comprising more than 900 global gaming brands.
Following the sale, Microgaming “will continue to supply certain customers” with its turnkey games platform, as well as to focus on the further development and licensing of its sports betting technology, according to a press statement.
“This is an exciting deal that has been in the making for some time and which will provide new growth and opportunity for both Microgaming and Games Global,” said John Coleman, current CEO at Microgaming. “We are announcing it now to provide sufficient notice and clarity for our partners and stakeholders.”
Along with the sale announcement, Microgaming further revealed Coleman will be stepping down from his role as CEO on 31 December 2021. He is set to be replaced by Microgaming COO Andrew Clucas.
Coleman has served under the CEO role since being appointed in June 2018, having previously served as CFO for nearly 14 years. Under his management, Coleman drove Microgaming’s strategy and vision, diversifying its product offering and elevating its position in the global gaming market. He will remain within the group in a non-executive role.
“I am honored to have led Microgaming as CEO – such an incredible business and people,” Coleman reflected. “After 17 years at the company, this is a natural time for me personally to embark on the next adventure.”
Clucas, who will be taking over the position, first joined the company in 2009, following a career in the Royal Air Force. He headed up various operation areas of the business during the past decade, including business development and sales, before being appointed chief operating officer in January 2018.
“John has been an outstanding leader and ambassador of the business for almost two decades, and I cannot praise him highly enough for his many achievements and contributions,” Clucas said. “I am delighted to be picking up the mantle from him – being appointed CEO of Microgaming is an incredible honor, and I intend to lead the business with very the same passion and commitment.”