Evolution, one of the world’s largest online gambling companies, has agreed to acquire Nolimit City, an innovative software developer of unique casino slots that stand out by their provocative themes and humorous touch. The total up-front consideration is €200 Million while completion of the transaction is expected during Q3 2022.
The Perfect Match
The pioneer in video-streamed Live Dealer gaming and global leader in providing online casino content, Evolution has announced the acquisition of Nolimit City, further expanding its striking portfolio of brands. The Malta-headquartered slot maker will keep company with NetEnt, Ezugi, Red Tiger, Big Time Gaming, and DigiWheel, the latter is the developer of the world’s first patented HD spinning gaming wheels who joined the Evo family last September.
Jens von Bahr, Chairman of Evolution stated:
“With the addition of Nolimit City to the Evolution family, we extend our portfolio of truly innovative and cutting edge games from the top brands and game makers in the industry.
We have followed Jonas, Emil, and their team for a few years and have been impressed as they have established a completely new style of slot games. I am proud that yet another of the very best minds in our industry has chosen to join the Evolution network.”
Jonas Tegman, Co-Founder of Nolimit City added:
“I cannot think of a better match between two companies than between Nolimit City and Evolution, we are fully aligned in terms of people, product, technology, and how to get the job done.
The slot vertical is under massive change, and we can’t wait to take on the challenge of global expansion together with Evolution, helping out with navigating towards the best slot product offering in the market.”
New Style of Online Casino Slots
Nolimit City is a well-known software provider of top-notch online slots that besides innovative bonus features offer truly original themes complemented by superb visuals and authentic soundtracks.
For instance, Folson Prison launched earlier this month takes players inside the infamous prison full of dangers and creepy cockroaches, which, however, able to deliver epic wins. Other popular award-winning titles from Nolimit City are Mental, San Quentin xWays, Punk Toilet, and Barbarian Fury, to name a few.
The company’s revenue is expected to amount to €30M, with an EBITDA of €23M for 2022. As already mentioned, the total up-front consideration payable by Evolution is €200M and financed from cash at hand. Adding one more A-class provider of casino slots to the already robust team of brands that includes NetEnt, Red Tiger, and Big Time Gaming is in line with Evo’s growth strategy. The transaction is expected to be completed in Q3 2022.
“Evolution has entered into an agreement to acquire Nolimit City, a leading producer and developer of online slot games”, nolimitcity.com, June 22, 2022.
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