GiG Software eyeing €8.5m raise to acquire 888Africa

Stockholm-listed gaming platform provider GiG Software plc has announced plans to acquire an 80% stake in Evoke’s 888Africa, in a deal worth up to €16.4 million. The acquisition marks GiG’s first entry back into the world of B2C gambling in recent years, after the company pivoted to a pure B2B platform play in 2023.

Announced on Wednesday, the group intends to raise €8.5 million ($9.92 million) to fund the brand’s acquisition via a directed share issue. The process will see shares offered to specific investors rather than all existing shareholders, combined with convertible loan agreements.

Proceeds will cover the upfront payment for the acquisition, estimated at around €6 million, with the remainder earmarked for general corporate purposes. The purchase price includes a deferred consideration of about €10.4 million.

Strategic rationale behind directed share issue

The board chose a directed share issue over a rights issue due to its faster execution, lower transaction costs and reduced risk of adverse impact on the trading price of GiG’s securities. This approach allows the company to move quickly on the acquisition while minimizing market disruption.

GiG has described 888Africa as a “cash-generative, profitable, fast-growing B2C operator in Africa”. The company expects the expanded group to generate a combined revenue of between €44 million and €48 million in 2026, alongside an adjusted EBITDA ranging from €5 million to €7 million. These projections assume 888Africa’s full contribution will commence in the fourth quarter of 2026.

Evoke’s ongoing involvement amid Bally’s Intralot acquisition

As part of the deal, Evoke will retain the remaining 20% stake and remain actively involved in management. However, Evoke is currently in the process of being acquired by Bally’s Intralot in a £243.1 million all-share deal that will see the business absorbed into the Bally’s Intralot operation.

When announcing that deal, Bally’s Intralot CEO Robeson Reeves expressed interest in a number of Evoke’s brands and markets, including Italy, Romania and even its UK retail assets, which Evoke has downsized in recent months. Speaking to press upon announcing the acquisition in June, Reeves said there was no intention to sell off Evoke’s additional assets, noting that only an exceptionally high offer would alter that equation.

888Africa’s market trajectory and recent restructuring

The African brand was initiated in 2022 when Evoke licensed its 888 brand to the Africa-facing joint venture 888Africa to expand into the burgeoning continent. In August 2023, it acquired BetLion, a regulated and licensed gaming operator in Kenya and Zambia since 2019, to continue its expansion in Africa.

However, in 2025 Evoke retreated from 10 African markets, divesting its African operations as part of a broader business restructuring. This move came weeks prior to Evoke announcing a much broader strategic review in preparation to sell off the group. From 2 December 2025, residents in Angola, Bolivia, Burkina Faso, Cameroon, Kenya, Mozambique, Nigeria, Republic of Congo, Democratic Republic of Congo and Somalia were no longer able to place bets via William Hill.

The acquisition represents a significant strategic shift for GiG Software, which has operated as a pure B2B platform provider since its spinoff in 2023.