New York private investment firm makes second investment in gaming testing and certification space after acquiring BMM Testlabs earlier this year
The Visualize Group has agreed to acquire UK-headquartered eCOGRA, its second investment in the gaming testing and certification space.
Visualize will acquire eCOGRA from Hanover Investors Management, with the testing, inspection, certification and compliance (TICC) service provider continuing to operate under the leadership of CEO Will Shuckburgh.
eCOGRA represents Visualize’s second investment in the gaming TICC space after acquiring BMM Testlabs earlier this year.
“For more than two decades, eCOGRA’s mission has been to ensure that players can trust the games they play and that operators can meet the highest standards of compliance,” said Shuckburgh. “As regulated gaming expands into new markets around the world, the demand for fast, rigorous, and reliable certification has never been greater.
“Partnering with Visualize gives us the resources to serve our customers better – to invest in our people, our technology, and our capacity – while continuing to operate with the independence and integrity that our accreditation partners and customers expect.”
Visualize said that BMM and eCOGRA bring complementary strengths to the TICC services market, with BMM’s expertise spanning the full testing and certification spectrum, while eCOGRA’s is focused on the digital gaming segment.
The investment firm intends to expand capacity, offer customers a broader licensing umbrella, accelerate turnaround times, and widen the range of high-quality options available to all stakeholders.
Both BMM and eCOGRA will continue to operate as an independently accredited business, maintaining its own standards, methodologies and decision-making.
“As high-conviction thematic investors, we back exceptional businesses and management teams providing mission-critical services in growing markets, and we build deep expertise in the sectors to which we commit,” said Visualize founder and managing partner C.C. Melvin Ike. “Building on our experience in regulated gaming, the independent testing and certification that both eCOGRA and BMM provide is fundamental to protecting players and sustaining the trust of regulators, and the two businesses bring distinct capabilities across online and land-based gaming.
“With eCOGRA, our intention is straightforward: to build eCOGRA into a generational business that can deliver faster, more responsive, and more innovative service to a fast-growing market that needs more high-quality service. We’re thrilled to partner with Will and the entire eCOGRA team.”
Hanover Investors managing partner David Cowan commented: “We invested in eCOGRA because it was a high-quality business operating in an attractive market, with a well-earned reputation that had been built over many years. Since then, the team has continued to strengthen the business, expanding its global reach, investing in its capabilities and reinforcing its position as a trusted partner to regulators and operators around the world.
“We are proud of what has been achieved during our ownership and grateful for the commitment and hard work of Will and the wider eCOGRA team. We believe Visualize is the right partner to support the next phase of growth and are excited to see eCOGRA continue to develop in the years ahead.”
As part of the transaction, Visualize intends to extend its broad-based employee ownership program to eCOGRA’s employees, allowing them to participate in the value-creation plan for the business.
Financial terms of the transaction were not disclosed, with the transaction subject to customary regulatory approvals and clearances.