Microgaming to sell off games and distribution business as CEO resigns
Microgaming announced today that it has agreed in principle the sale of its Quickfire distribution business and portfolio of online games, including progressive jackpot titles, to the newly formed Games Global Limited.
The sale, which is subject to Games Global receiving certain regulatory approvals, is expected to complete in the second quarter of next year.
Games Global is a private capital-backed company led by CEO Walter Bugno, formerly of IGT and Lottomatica, and CFO Tim Mickley, previously of SafeCharge and Playtech.
Under the deal, Games Global will acquire the international distribution rights to Microgaming’s exclusive gaming content, and inherit its customer base of more than 900 global gaming brands.
After the sale, Microgaming will continue to supply certain customers with its turnkey games platform, while focusing on the further development and licensing of its sports betting technology.
“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, CEO of Microgaming.
“We are announcing it now to provide sufficient notice and clarity for our partners and stakeholders. Games Global will acquire the game IP and distribution business previously known as Quickfire, and Microgaming will continue to support its core traditional business, while increasing its reach with the addition of new business and managed services.”
Details of the sale were announced today (15 November) alongside Coleman’s decision to stand down from his role as the Microgaming’s CEO, to be replaced by current COO, Andrew Clucas.
Coleman has been CEO of the business since June 2018, after serving as CFO for around 14 years.
Microgaming said Coleman has driven the company’s strategy and vision, diversified its product offering and elevated its position in the global gaming market during his tenure.
Coleman’s replacement, Andrew Clucas, joined Microgaming in 2009 before being appointed chief operating officer in January 2018.
“After 17 years at the company, this is a natural time for me personally to embark on the next adventure,” Coleman said.
“Microgaming has a strong leadership structure in place and an exciting future ahead, and I am delighted to announce Andrew Clucas as my successor. – Andy is a brilliant colleague, friend and leader, and I have every confidence that he will steer Microgaming to new success.”
Clucas added: “I am delighted to be picking up the mantle from [John] – being appointed CEO of Microgaming is an incredible honour, and I intend to lead the business with very the same passion and commitment.”