Adventure Box Technologies, a Stockholm-based computer game technology company, has strategically entered the global online gambling industry by acquiring Canadian betting and gaming services provider, Lion Gaming Group.
The acquisition involves a Letter of Intent for Adventure Box Technologies to acquire 100% of Lion Gaming Group’s shares for SEK 475 million (£35.6 million/US$45.3 million/€42.1 million), to be paid through newly issued shares in Adventure Box at a share price of SEK 0.40 per share.
This acquisition significantly enhances Adventure Box’s portfolio. Not only does it mark the company’s entry into the online gambling sector, but Lion Gaming is also a revenue-generating entity, with an expected 2024 turnover of SEK 350 million (US$33 million) and an EBITDA of SEK 180 million (US$17 million).
Lion Gaming is known for its advanced iGaming technology platform, which supports multi-chain and on-chain transactions. The company offers fully customizable white-label sportsbook and casino solutions, powered by its innovative Fer0x Engine. This engine integrates state-of-the-art features, blockchain technology, NFT integrations, web3 solutions, and world-class engineering, enabling operators to deliver next-generation player experiences.
This strategic move propels Adventure Box into the online gambling space, leveraging its strength in the computer games industry. Adventure Box is renowned for its online platform, KoGaMa, where users can create, share, and play 3D computer games, attracting over 750,000 active users monthly.
Both Adventure Box and Lion Gaming share a forward-thinking vision for the gaming market, highlighting synergies between KoGaMa and Lion’s platforms, particularly in Web3 development and cross-user acquisition. The acquisition aligns with Adventure Box’s strategic goals and opens up new opportunities in game development. Additionally, the company continues to explore further M&A opportunities within and outside the gambling sector.
Mads Jørgensen, Chairman of the Board of Adventure Box Technologies, said: “We are creating a major new player in the iGaming market through the acquisition of Lion Gaming Group, and we see opportunities for synergies between the KoGaMa platform and Lion’s gaming platform.
“This acquisition lays the foundation for a global player powered by power, bleeding edge technologies that will change the game for operators, suppliers and most importantly, players.”
Michal Bendtsen, CEO of Adventure Box Technologies, said: “This strategic move significantly enhances our footprint in the video game industry. This acquisition not only broadens our scope and capabilities within the gaming ecosystem but also introduces new revenue streams.
“We are confident that this will bring value to our shareholders and accelerate our growth trajectory in the ever-evolving gaming market.”
Duncan McIntyre, CEO of Lion Gaming Group, added: “We look forward to becoming part of Adventure Box Technologies and benefiting from their extensive experience and resources to further develop our business.
“This merger gives us the opportunity to benefit from synergies and strengthen our presence globally, which benefits both our customers and shareholders. We are confident that this transaction will provide us with the tools and support we need to continue to be a leader in iGaming technology through organic growth and acquisition of new businesses.”
