GiG Software has completed its acquisition of an 80% stake in African betting and gaming operator 888AFRICA for €16.4m ($19.3m), following the satisfaction of conditions under the share purchase agreement announced in September.
The B2B iGaming supplier paid €6.1m on completion, while the remaining €10.3m consideration will be paid in instalments over the following 10 months. GiG Software has acquired a majority stake rather than full ownership of the operator.
888AFRICA has a market-leading position in Mozambique and licensed operations in Angola and Tanzania. It has grown from its launch in late 2022 to an annualised NGR run rate of approximately $50m.
The acquisition gives GiG Software exposure to B2C operations alongside its existing supplier business.
Financial information disclosed when the binding agreement was announced showed 888AFRICA's Q2 2026 NGR increased 30% year-on-year and 17% quarter-on-quarter. Its adjusted EBITDA margin reached 13%, while the business generated more than $1m in net cash during the quarter.
The transaction follows a period of restructuring at GiG Software. Its Q2 revenue fell 5% year-on-year to €8.8m, while adjusted EBITDA was €0.8m, representing a 9% margin. The supplier recorded an operating loss of €6.9m, including the impact of €3m in one-off bad debt provisions.
GiG Software had also completed a €4.5m annualised cost savings programme by the end of Q2 and initiated a further €6m in annualised savings, primarily through closing its white-label business and exiting the US and Philippines markets.
The supplier previously said the addition of 888AFRICA was expected to change its revenue mix and provide exposure to regulated African markets.
Ahead of completion, it projected combined FY2026 revenue of €44m to €48m and adjusted EBITDA of €5m to €7m, assuming a full fourth-quarter contribution from 888AFRICA.
GiG Software had earlier raised €8.5m through a directed share issue and convertible loans as part of its financing for the proposed acquisition. The financing and GiG Software's Q2 performance were covered by Global Gaming Insider before the transaction was completed.
888AFRICA has grown from a start-up launched in late 2022 to an operator with an annualised NGR run rate of approximately $50m
