GiG Software Completes €16.4m Majority Acquisition of 888AFRICA for African Market Entry

GiG Software has completed the acquisition of an 80 percent stake in 888AFRICA for a total consideration of €16.4m. The transaction grants access to regulated iGaming markets in Angola, Mozambique and Tanzania through the target’s existing licences.

An initial €6.1m was paid on completion. The remaining €10.3m is payable in instalments over the following 10 months. As reported by Slot Beats, 888AFRICA has set a target to rank among the top three African iGaming operators by revenues and profits within five years.

The operator stated in a LinkedIn post: “Gaming Innovation Group and 888AFRICA have come together to form a new partnership with a clear ambition: to build a Top 3, by revenues and profits, African iGaming operator over the next five years.

“Together, we have the opportunity to accelerate the growth of our existing markets, enter new ones and explore merger and acquisition opportunities that can take us further, faster.

“Most importantly, GiG shares our belief in the scale of the opportunity ahead and our vision for what we can build across the continent.”

Recent Performance and Combined Group Metrics

888AFRICA recorded a 17 percent quarter-on-quarter revenue increase and 30 percent year-on-year growth. Adjusted EBITDA margin expanded to 13 percent, generating over $1m of net cash in the quarter.

GiG stated that the acquisition delivers immediate scale, geographic diversification and product leadership. The combined group holds an annualised NGR run rate of approximately €50m. Cash generation from the combined group strengthens the balance sheet, with further upside expected from synergies including platform consolidation.

Richard Carter, Chief Executive Officer of GiG, added: “This acquisition is a major step forward in GiG’s growth journey. 888AFRICA brings proven scale, strong market positions and significant growth momentum in some of Africa’s most attractive regulated markets.

“Together, we have an exciting opportunity to accelerate growth, expand our global reach and create substantial long-term value for the group.”

Execution Requirements for Targeted Growth

The partnership must integrate operations and realise identified synergies to meet the five-year podium objective. Regulated market entry and selective M&A will determine whether the combined platform achieves the stated revenue and profit leadership across the continent.

Reporting: Slot Beats

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