The Isle of Man-based firm reached a deal to sell their Quickfire Aggregation Network as well as other investments to 2021 start-up Games Global Limited for an undisclosed amount.
Walter Bugno, the former CEO of IGT, and Tim Mickley, the former CFO of Playtech and SafeCharge, formed Games Global in 2021.
The purchase was only outlined as affecting specific assets and is expected to be completed in Q2 2022. The purchasing company is self-funded.
Microgaming and the Studios Acquisition are two parts of the transfer that must be approved by regulators.
Games Global is set to become a new owner to about 3,000 game titles, numerous smaller gaming studios, the Quickfire aggregation system, and a progressive jackpot network that has already paid well over 1.2 billion euros since its inception.
Over 260 existing customers from over 1,000 gaming companies have joined Games Global's customer base. More than 1,100 people are employed by the group in Europe, Oceania, Africa, and the lucrative North and South America markets.
"The creation of a new large-scale independent supply chain that Games Global will be has not been witnessed for many years," stated CEO Walter Bugno.
Bugno also stated that their primary objective is to provide world-class products and services. As he mentioned, they are committed to providing it to their customers in order to improve their gaming experience and assist them in expanding their business.
"We are extremely excited about the opportunities ahead and will work tirelessly to achieve the significant opportunities in front of us," concluded the CEO.
Despite the press release that only mentions 25 studios, the company's site lists over 50 studios. It is important to note that the existing list of Microgaming Studio Affiliates on the website is incomplete and should not be viewed as an exhaustive list of all Microgaming Studio Partners.
The deal does not affect legacy sites that use the original Microgaming Viper download customer software, this is according to a statement from Microgaming.
In the days prior to his departure from Microgaming, CEO John Coleman stated that: "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. We are announcing it now to provide sufficient notice and clarity for our partners and stakeholders."
He also stated that Microgaming will continue to focus on its core business while expanding its presence through the addition of new business and systems integration. At the same time, Games Global will procure the Quickfire game IP and distribution business.
Sports betting is expected to be the main focus of the new business and professional services.