It was confirmed on Monday that FastForward Innovations Ltd. has acquired an initial 29.4% stake in provider of 3D technology for the international gambling industry Leap Gaming.
The investment represents FastForward’s first foray into the gambling industry, although it has long been seeking to invest in that particular sector. The company is planning to acquire another 11.76% stake in the gaming provider within the next thirty days, thus bringing its interest in Leap Gaming to 41.15%. FastForward is to pay the total amount of $3.5 million. It is to fund its latest acquisition with existing cash resources.
The company initially subscribed for 693 units in Leap Gaming for the total amount of $2.5 million in cash, equaling a 29.4% stake. As mentioned above, FastForward is to acquire 277 units in the upcoming month for the amount of $1 million in cash. New shares equaling $250,000 will be issued upon the transaction’s completion.
Generally speaking, FastForward is known to be a biotechnology and technology investor aiming to expand and develop its portfolio of investees in various business sectors. The purchase of a 41.15% interest in Leap Gaming brings the number of FastForward investee companies to eight.
Commenting on the latest announcement, FastForward CEO Lorne Abony said in a statement that the Leap Gaming investment is indicative of their commitment to follow their core strategy. The executive further noted that they are seeking to invest in “visionary entrepreneurs” like the team behind the 3D technology developer which is known for creating innovative technologies for the international gambling industry and striving to solve major problems in that same industry.
Mr. Abony also said that they aim at delivering “early state private investment opportunities” to their shareholders and to provide them with liquidity through their listed platform. According to the executive, FastForward is in the perfect position to eliminate the existing barrier to investing in technology and biotechnology startup companies that have formerly been reserved for retail investors.
Based in the UK, Leap Gaming has more than 9 years of experience in the creation and provision of realistic 3D games for the international casino and sports betting industry. Over the past 5 years, the company has been investing heavily in the further development of its 3D production technology so as to establish itself as one of the leaders in the sector.
