Playtech is one of the biggest online gaming providers in the online casino world, and it just keeps growing. This week, the company has announced its plans to purchase online slots developer QuickSpin for over $55 million.

The deal will kick off with an initial payment of almost $30 million to Quickspin, when Playtech purchases 100% of the company’s shares. The remaining payment will be based on Quickspin’s EBITDA in 2017 and 2018. Overall, the deal will be worth six times Quickspin’s income before interest, tax, depreciation and amortisation.

Quickspin is a relatively new company in the online casino market – but the firm has been growing very quickly. Over the course of the past few years, Quickspin has developed over 20 games for real-money and play-money online casinos and, in 2015, the company generated profits of over $9 million.

By teaming up with Playtech, Quickspin can look forward to even more growth as its games will be able to reach a wider audience. Playtech has over 100 online casino partners, and Quickspin will certainly benefit from being exposed to even more prestigious operators in the gaming market.

“Quickspin is a fast-growing and leading supplier of the highest quality games to the highest quality operators, strengthening Playtech’s position as the leading platform and content provider in the industry,” says Mor Weizer, CEO of Playtech. “We look forward to working with the Quickspin team and to see the Quickspin brand continue to flourish within the Playtech family”.

This is yet another great acquisition by Playtech, and the company continues to look for new partnerships with leading games developers and operators. It will be interesting to see what the next year brings for Playtech.