Nektan Revenue Skyrockets, Agrees to Acquisition
This quarter’s growth is one part of overall year-over-year spike that has seen revenues climb from £5.7 million to £13.1 million - an increase of 130%.
This quarter’s growth is one part of overall year-over-year spike that has seen revenues climb from £5.7 million to £13.1 million – an increase of 130%.
The increase is attributed to a mix of a substantial amount of new depositing players, nine new casinos opening their doors, and new product development:
“Year-on-year revenue growth of 130% reflects substantial organic growth and is accompanied by an improvement in the cost of sales through effective casino management,” the Nektan board said via a statement.
Purchase of Nektan Marketing Services
In addition to increased profits, Nektan also announced the acquisition of its subsidiary company Nektan Marketing Services. The deal is reportedly worth £500,000, and expected to make the already tight collaboration between the two entities completely seamless:
“This strategic transaction gives Nektan the ability to take greater control of its players and marketing on behalf of its partners,” the board said.
Sagi Lahav in as COO
As Nektan continues to experience explosive growth, the company has looked to outside help to both manage it and continue the upward trend.
To that end, the Nektan board has hired Sagi Lahav as interim Chief Operating Officer effective July 3rd. Lahav, whose most recent position was CEO of online gaming powerhouse Mansion Group, has over 10 years of experience in many different aspects of the online casino industry to his credit.
Continued Growth Expected in 2018
Although having a banner year, the expectation is for Nektan to continue taking the industry by storm well into 2018. Interim CEO Gary Shaw had this to say:
“Our younger B2B division is attracting a lot of interest from games studios, offering distribution and services under our Gibraltar gambling licence.”
Given how popular Nektan’s B2B services have proven to be, there’s no reason to doubt his optimism.