Cherry is to acquire 25 per cent of gaming technology company Highlight Games for £2.4m, with an option to acquire a further 26 per cent in the following 18 months.
The purchase price covers the acquisition of 20 per cent of new issued shares in Highlight and five per cent purchased from an existing shareholder.
Founded in 2014, Highlight Games offers a patented product, using footage from historical football matches to create virtual sports content. The company’s Soccer Bet product features footage from major European football leagues.
Anders Holmgren, CEO of Cherry, commented: “We believe that Highlight Games has significant development and revenue-generating potential, which we can help it achieve within our Gaming Technology business area.
“We also believe that their unique product can compete with both virtual sports games and traditional slot games. The product is applicable to a variety of markets, which will further diversify Cherry’s revenue sources.”
Tim Green, CEO of Highlight Games, added: “Cherry becomes a shareholder at an exciting phase in the company’s development and will be an important strategic partner as we continue our roll-out of Soccer Bet and our other virtual sports products into our retail, online and mobile customers.”
