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NetEnt Forecasts €13.6m Savings With Red Tiger Restructuring

NetEnt Forecasts €13.6m Savings With Red Tiger Restructuring

Published on by James

Netent has predicted savings of €13.6m after announcing plans to restructure Red Tiger, cutting 120 employees in the process.

The smaller game provider was purchased by NetEnt in September last year, and since then the bigger gaming provider has been working on incorporating it into NetEnt’s broader strategy.

An announcement from NetEnt today confirmed that 120 full-time positions will be made redundant in Stockholm and Malta as part of the restructuring plans to  “speed up the full integrations within the NetEnt group”.

The restructuring is estimated to result in annual savings of approximately SEK 150 million (€13.634,748) on a cash-flow basis, beginning in the second half of 2020.

Therese Hillman, Group CEO of NetEnt, said: “We are now entering the next phase of the integration with Red Tiger, whose sellers are also becoming shareholders of NetEnt. The integration will unleash the full potential of our shared capabilities, create significant efficiency gains in games development and strengthen our position as the market leader in online casino.

In other news, The effects of the COVID-19 pandemic outbreak are so far not affecting NetEnt negatively. According to the developer, Revenue has developed in line with market expectations during the first quarter of 2020.

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