The Cherry Group has signed an agreement to finance the software developer Yggdrasil Gaming, becoming its major shareholder and its largest casino content licensee.
Yggdrasil is an iGaming software developer that was founded less than six months ago by Fredrik Elmqvist, a former Net Entertainment employee. The Cherry Group was Yggdrasil’s first licensee who added the casino games NUMB3R LOV3RS, King for a Day and A Cool Million to its portfolio.
Under this agreement, Yggdrasil Gaming must deliver an initial provision of 19 games to the Cherry Group’s branded casinos. Nevertheless, Cherry’s financial investment will have no direct impact on Yggdrasil’s decision-making process, and the latter will continue as an independent software developer led by Elmqvist.
At the present time, Yggdrasil holds 19 games in its portfolio, all of them available for PC and to be redesigned for the mobile and tablet platforms that are supported in 11 European languages and available in multiple currencies.
With this new financial boost from the Cherry Group, this software developer is attempting to expand with its iGaming content to different casino operators across Europe. Currently, Yggdrasil is still pending the approval of its Class 4 license from the Lottery and Gaming Authority –LGA - in Malta.
On this new investment for supporting Yggdrasil, the Cherry Group’s CEO Emil Sunvisson added last 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.
On equal proportions, the investment will have a neutral impact on Cherry’s financial results for 2013, who’s expecting to boost sales with this agreement. Sunvisson commented that as a financial investor, we hope that this investment will generate good returns for our shareholders.
So far there’s no additional information on the new titles from Yggdrasil or the exact date when the games will be added, but we do know they will be available at Cherry Group’s branded casino Euroslots, with a nice match welcome bonus of 200% up to 400€.
