Monday April 15,2013 : CHERRY TAKES OVER YGGDRASIL
Cherry Group now the majority shareholder in games provider.
An agreement made at the ICE show earlier this year between PlayCherry Ltd and online games provider Yggdrasil Gaming was confirmed by the Cherry Group Monday, revealing that the initial agreement calls for the provision of 19 games.
Cherry's Maltese subsidiary PlayCherry Ltd is the first operator to sign an agreement with Yggdrasil, and Cherry has also, through its subsidiary Cherry Malta Ltd, signed an agreement on the financing of Yggdrasil, and is thereby now the majority owner of Yggdrasil Gaming Ltd.
Yggdrasil Gaming is a game deveopment start-up founded by industry veteran Fredrik Elmqvist. With its concept of "NUMB3RS L0V3RS" the company offers a wide range of lottery games, including 3DKeno and scratch cards for both casual players and high rollers.
The games are available both on PC, mobile and tablet devices, and the company offers support for 11 European languages and multiple currencies. Yggdrasil has ambitions to provide its portfolio of games to gaming operators with a focus on Europe, and has applied for a Class 4 license from the LGA in Malta.
The financial investment is expected to have a neutral impact on Cherry's results for the full year 2013, while sales are expected to increase.
Emil Sunvisson, CEO Cherry, said Monday: "We are very impressed with the product portfolio that Yggdrasil has developed in a relatively short period, and we believe this will strengthen Cherry's online offering.
"Yggdrasil will continue to operate as an independent company led by founder Fredrik Elmqvist. As a financial investor we hope that this investment will generate good returns for our shareholders."