Stockholm-listed operator Kindred Group has agreed a long-term contract extension with its sports betting provider Kambi Group.
Subject to shareholder approval later this month, the commercial agreement will be effective from January 1st 2018 and will see Kambi continue to support Kindred's continued growth and development in the sports betting vertical.
Kambi said that the extension with its largest customer - and former parent company - will provide long-term stability for the supplier, and creates a solid platform for further growth. A new term of the €7.5m convertible bond, issued by Kambi to Kindred in 2014 and repayable on January 1st 2019, will also be extended in a form agreeable to both parties and providing long-term security to both the operator and the supplier.
"We are delighted to continue developing the successful partnership we have had with Kindred over the last five years and look forward to further contributing to its future success," said Kambi CEO Kristian Nylén. "During this time, Kindred has gone from strength to strength with its sportsbook, demonstrating the quality of the service provided by Kambi.
"This contract extension is evidence of the quality, relevance and stability our scalable sportsbook offers our customers as we continue to develop the best Sportsbook in the market," he added.
Kindred Group CEO Henrik Tjärnström said: "With the extension of Kindred Group's strategic relationship with Kambi, I am confident that we will be able to continue to build on our strong positive momentum and continue to take market share."
Shares in Kambi Group plc (STO:KAMBI) were trading down 1.13 per cent at SEK104.80 per share in Stockholm Wednesday morning, while shares in Kindred Group plc (STO:KIND) were trading up marginally by 0.21 per cent at SEK117.25 per share.