Evolution’s $85 Million Acquisition: Galaxy Gaming Deal Amidst Employee Strike

Swedish provider of online casino tech Evolution has announced the acquisition of American gaming developer Galaxy Gaming for $85 million.

This strategic acquisition aligns with Evolution’s goal of solidifying its position as the leading global provider of casino games, while also expanding its foothold in the US market. Galaxy Gaming is projected to generate revenue of approximately $29–30 million in 2024.

Evolution CEO, Martin Carlesund, has expressed the company’s intention to retain Galaxy Gaming’s management and staff, allowing the newly acquired entity to operate as an independent business unit.

The announcement of this acquisition comes at a time when Evolution is facing a major challenge. Employees at its Georgian division have been engaged in a large-scale strike since July 12, with approximately 5,000 workers demanding improved wages and better working conditions.

In addition to the acquisition news, Evolution has reported strong financial results for Q2 2024, with operating revenue reaching €508.4 million (up from €441.4 million in the same period last year) and profit reaching €269.1 million (up from €264.1 million in Q2 2023).

Despite the company’s financial success, negotiations between the striking employees’ unions and Evolution have yet to yield positive results.