NEW YORK, Dec. 20, 2021 /PRNewswire/ -- Inspired Entertainment, Inc. ("Inspired") (NASDAQ: INSE), a leading B2B provider of gaming content, systems and solutions, and Cristaltec S.p.A. ("Cristaltec"), a leader in design, production and distribution of games and devices for the amusement with prize ("AWP") sector in Italy, announced today that they have signed a new agreement to transform their strategic partnership in Italy. As part of this agreement, Cristaltec will purchase Inspired's video lottery terminal ("VLT") estate and take over Inspired's VLT managed services contracts. Inspired will transition to a platform and games provider, where they will remain responsible for the maintenance, support and updates of the Italian VLT platform and infrastructure as well as game content.
"We are thrilled to work with Cristaltec to better serve our customers by facilitating more investment in the Inspired product range and delivering superior products and content to the marketplace," said Brooks Pierce, President and Chief Operating Officer of Inspired. "We have worked with Giovanni and the team at Cristaltec for many years and greatly respect the business they've built in the AWP market, where they have an excellent reputation with the Concessionaires. Working together with Cristaltec, we believe we can better capture the new opportunities that will derive from changes to regulations as well as the evolution of the gaming sector in Italy, where we remain a very committed market participant, including through our continued presence in Virtual Sports."
Cristaltec is a long-standing machine and games provider in the AWP market in Italy. This agreement with Inspired better positions Cristaltec within the VLT market, where Inspired is contracted with multiple concessions operating over 5,000 terminals. Cristaltec will take over Inspired's managed service responsibilities including Italian operational support and machine capital obligations. Cristaltec intends to materially upgrade Inspired's current estate of terminals and insert their own games alongside those of Inspired. The upgrade is expected to drive revenue growth and reduction in operational cost.
"All of our work is aimed at improving the services offered to our customers and we believe this agreement not only benefits both companies, but also our customers and the Italian market as a whole," said Giovanni Agliata, President of Cristaltec. "We have a great relationship with Inspired and this collaboration allows each of us to focus on our core competencies. We are a leading manufacturer with top games in the AWP market and Inspired provides a proven VLT platform with popular game franchises worldwide. Together we are able to greatly improve the product offering, making the whole greater than the sum of its part, which positions both companies well for the evolution of the Italian market."
About Inspired Entertainment, Inc.
Inspired offers an expanding portfolio of content, technology, hardware and services for regulated gaming, betting, lottery, social and leisure operators across land-based and mobile channels around the world. The Company's gaming, virtual sports, interactive and leisure products appeal to a wide variety of players, creating new opportunities for operators to grow their revenue. The Company operates in approximately 35 jurisdictions worldwide, supplying gaming systems with associated terminals and content for approximately 50,000 gaming machines located in betting shops, pubs, gaming halls and other route operations; virtual sports products through more than 32,000 retail venues and various online websites; interactive games for 170+ websites; and a variety of amusement entertainment solutions with a total installed base of more than 16,000 terminals. Additional information can be found at www.inseinc.com.
Cristaltec develops games and related solutions, designs and produces high end cabinets since 2004 and is a leader in the Italian AWP market since 2008. Besides the Italian market, Cristaltec supplies/develops B1/B2 machines/games for the Spanish market and develops VLT and international-type games. The Company most recently entered the Online gaming market, where it presents itself as a game provider/developer with its own game server infrastructure.
Forward Looking Statements
This news release may contain "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "continue," "expect," "estimate," "plan," "will," "would" and "project" and other similar expressions that indicate future events or trends or are not statements of historical matters. These statements are based on Inspired's management's current expectations and beliefs, as well as a number of assumptions concerning future events.
Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of Inspired's control and all of which could cause actual results to differ materially from the results discussed in the forward-looking statements. Accordingly, forward-looking statements should not be relied upon as representing Inspired's views as of any subsequent date, and Inspired does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as required by law. You are advised to review carefully the "Risk Factors" section of Inspired's annual report on Form 10-K for the fiscal year ended December 31, 2020, and subsequent quarterly reports on Form 10-Q, which are available, free of charge, on the U.S. Securities and Exchange Commission's website at www.sec.gov.
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