Gentoo Media and GiG Software Complete Long-Planned Business Split

Gaming Innovation Group has officially completed its strategic business split into Gentoo Media and GiG Software. According to the announcement, the division was finalized on September 30.

The company’s split has been several months in the making and has now finally been enacted. Gentoo Media will therefore continue as an independent public company and a pure media business that focuses on offering market-leading affiliate services to its iGaming partners.

Gentoo Media will continue its dual listing on the Oslo Stock Exchange, Norway, with the ticker symbol G2MNO, and on Nasdaq Stockholm, Sweden, with the ticker symbol G2M.

In addition to enacting the split, Gentoo Media unveiled a EUR 25 million Revolving Facility Agreement with Citibank Europe. This will provide the company with important financial stability, allowing it to quickly adapt.

Chairman Mikael Harstad commented on the matter, saying that he is excited to open a new chapter in the ongoing evolution of the media business.

This marks a new chapter in the ongoing evolution of our media affiliate business. Gentoo Media is now well-positioned to continue its remarkable growth journey as an independent and vertical-focused company within iGaming.

Mikael Harstad, chair, Gentoo Media
CEO Jonas Warrer added that the company leadership is thrilled by the opportunities the split represents. 

GiG Software Is Likewise Pleased
In the meantime, the platform division will continue operating under the name GiG Software. The business has been listed on the Nasdaq First North Premier Growth Market.

According to the company, the spin-out aligns with its commitment to “the continual enhancement and innovation for its best-in-class proprietary B2B technology and services.” The move will allow the company to innovate faster and provide its partners with greater value.

GiG, for context, currently serves some 70 brands, spanning over 40 partners in multiple markets across the world.

The recent spin-out has provided GiG Software with what the company called a “significant cash injection,” setting it up for further growth. The capital boost included the repayment of external debt, GiG added.

CEO Richard Carter commented on the matter, calling the spin-off a “pivotal moment” for the company.

By standing alone, we can fully commit to delivering value to our partners and investors, all while leveraging the foundations that we have already laid for sustainable long-term growth.

Richard Carter, CEO, GiG Software
CFO Phil Richards added that the company is confident that it will be able to continue to deliver on its strategy and realize the full value of its business. Chair Petter Nylander concluded the board believes in the vision and leadership team driving GiG Software forward.