Having completed a number of smaller acquisitions to aid the growth of its iGaming business, Cherry has completed its biggest deal to date with the purchase of ComeOn. Chief executive Fredrik Burvall explains why he sees the growing business as a holding company in which smaller ones are freed up to innovate.
After years of lagging behind its former subsidiary Betsson, Cherry has begun to show signs of renewed vigour.
It is impossible to downplay the importance of acquisitions to Cherry's growth. Marketing has been made more efficient by its acquisition of a stake in the GameLounge affiliate business, which has also provided a new source of B2B revenue. Cherry’s reach has been further extended by its purchase of a stake in the German-facing operator Almor Holdings.
Seemingly given a new lease of life by CEO Fredrik Burvall after a period of stagnation under previous chief Emil Sunvission, the company has seen iGaming revenue soar, almost doubling to SEK350.1m in 2015.