Kindred completes acquisition of Relax Gaming

Kindred Group has completed the previously announced acquisition of Relax Gaming, a leading and rapidly growing B2B iGaming software supplier, that designs and develops online casino games, supported by an open distribution platform for third party aggregation as well as proprietary poker and bingo products.

Kindred has been invested in Relax Gaming since 2013 and was prior to the transaction the largest owner with 33.4% of the outstanding shares. By acquiring the outstanding shares of Relax Gaming, Kindred accelerate sit strategy to increase its focus on product and customer experience by strengthening Kindred’s product control and product differentiation capabilities. In order to secure continued integrity of Relax Gaming’s B2B customers, Kindred’s intention is to keep Relax Gaming as an independent entity within the Group with a separate management team and Board of Directors. Patrik Österåker, the co-founder of Relax Gaming, will remain as the Chairman of the Board. Kindred’s ambition is to continue to invest in Relax Gaming to cement its position as a leading B2B iGaming supplier by further strengthening Relax Gaming’s product offering and by broadening their B2B customer base. In conjunction with the completion of the transaction, all existing employee share option programs in Relax Gaming have been exercised, and Relax Gaming’s management, who is committed to the future success of the company, retains an ownership of 7% of the total fully diluted shares in the company. Kindred’s ownership in Relax Gaming after the transaction is 93% of the total fully diluted shares.