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Callidus Capital Announces Agreement to Sell Bluberi Gaming Canada Inc. to Catalyst Funds and New Date For Shareholders Meeting
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Callidus Capital Corporation today announced that it has entered into an agreement with certain investment funds managed by The Catalyst Capital Group Inc. to sell the shares of Bluberi Gaming Canada Inc. owned by Callidus and to assign the debt owing by Bluberi to Callidus and its subsidiary to the Catalyst Funds. The purchase price to be paid by the Catalyst Funds for the shares is $92.7 million, and for the Bluberi Debt is the amount of that debt outstanding on closing.
The purchase price will be satisfied by setting off $92.7 million of the indebtedness of Callidus owing to the Catalyst Funds under Callidus’ subordinated bridge facility and by the Catalyst Funds assuming a portion of the indebtedness owing by Callidus to the lenders under the Company’s collateralized loan agreement equal to the amount of the Bluberi Debt on the Closing Date.
Callidus’ board of directors (the “Board”), having received the unanimous recommendation of the special committee of independent directors of the Board (the “Special Committee”), has unanimously determined (with the Board members nominated by the Catalyst Funds abstaining) that the Bluberi Transaction is in the best interests of the Corporation and that the consideration under the Bluberi Transaction is fair to the shareholders other than the Catalyst Funds and their related parties (the “Minority Shareholders”), and unanimously recommends (with the Board members nominated by the Catalyst Funds abstaining) that the Minority Shareholders vote FOR the Bluberi Transaction.
BDO Canada LLP was retained by the Special Committee to prepare a valuation and fairness opinion, which concluded that as of the date of the opinion, and subject to the assumptions, limitations and qualifications contained therein, the fair market value of the Bluberi shares is between $84.5 million and $100.9 million and that the consideration to be received by Callidus pursuant to the Bluberi Transaction is fair from a financial point of view to the Minority Shareholders. The purchase price for the shares of Bluberi of $92.7 million is the mid-point of the valuation range.
In order to enable shareholders to consider the Bluberi Transaction, Callidus’ shareholders meeting previously scheduled for June 26, 2019 will now be held on July 2, 2019. Callidus and the Catalyst Funds anticipate that, if approved by Minority Shareholders, the Bluberi Transaction will be completed shortly after the shareholders meeting.
Callidus acquired control of Bluberi in February 2017 pursuant to a formal restructuring proceeding in Quebec. Bluberi is a Drummondville, Quebec-based gaming company that specializes in the development of casino games that are installed in electronic gaming machines and leased or sold to a variety of licensed casinos and gaming establishments.
Callidus first approached the Catalyst Funds regarding a potential transfer of Bluberi in March 2019 as a result of regulatory challenges associated with Callidus’ ownership of Bluberi. In particular, regulators in Maryland and certain other states and provinces in which Bluberi operates and intends to operate in the future require extensive disclosure relating to significant shareholders of Callidus on the basis that they are presumed to have influence on the operations of Bluberi.
Callidus understands that Braslyn Ltd. is the holder of approximately 14.5% of the outstanding common shares of the Company and that Braslyn, as a matter of general policy, does not make regulatory filings that might subject it to legal obligations in jurisdictions in which it does not operate.
In the absence of such disclosure by Braslyn, Bluberi is not able to comply with state licensing disclosure requirements or to submit new licensing applications in Maryland and certain other states and provinces. An inability to comply with these requirements limits Bluberi’s current business and growth plans, and negatively impacts Bluberi’s value, operating results and cash flows.
The BDO valuation and fairness opinion assumes that these regulatory requirements will no longer be applicable after June 30, 2019. As the purchase price for the Bluberi shares is equal to the mid-point of BDO’s valuation range, the Special Committee believes that the Bluberi Transaction will allow Callidus to get full value for Bluberi as if the regulatory issues were resolved. In addition to resolving the regulatory issues, the Bluberi Transaction will enable the Company to significantly reduce its debt and focus on its core lending business.
The Catalyst Funds and their affiliates currently own approximately 72.2% of the Company’s common shares. As a result, the Bluberi Transaction is a “related party transaction” and must be approved by a majority of the votes cast at a meeting of shareholders by Minority Shareholders.
Completion of the Bluberi Transaction is subject to certain closing conditions including obtaining third party consents. In the event any required consents in connection with the assignment of the Bluberi Debt are not obtained, the sale of the shares of Bluberi will proceed but the Bluberi Debt will not be assigned and amendments will be made to the loan agreement including to provide for guarantees of the Bluberi Debt by the Catalyst Funds.
The Bluberi Agreement also includes provisions permitting Callidus to solicit other proposals for the acquisition of Bluberi at any time until Minority Shareholders have approved the Bluberi Transaction, and to terminate the Bluberi Agreement if the Corporation accepts a superior proposal or changes its recommendation subject to payment of a termination fee to the Catalyst Funds of $4.64 million. Callidus is also entitled to participate in any after-tax appreciation in value received by the Catalyst Funds if they enter into an agreement to sell Bluberi within six months of closing and that sale is completed within nine months of closing.
About Callidus Capital Corporation:
Established in 2003, Callidus Capital Corporation is a Canadian company that specializes in innovative and creative financing solutions for companies that are unable to obtain adequate financing from conventional lending institutions. Unlike conventional lending institutions who demand a long list of covenants and make credit decisions based on cash flow and projections, Callidus credit facilities have few, if any, covenants and are based on the value of the borrower’s assets, its enterprise value and borrowing needs. Further information is available on our website, www.calliduscapital.ca.
Source: Callidus Capital Corporation
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Soft2Bet, the leading provider of turnkey solutions to iGaming operators worldwide, is delighted to announce it has won three major awards at the Global Gaming Awards EMEA 2025.
The announcement came on the first day of the ICE Barcelona event and is testament to Soft2Bet’s commitment to innovation, excellence and leadership in the iGaming industry.
The award categories included:
- “Executive of the Year” for Uri Poliavich, Founder and CEO of Soft2Bet
- “Platform Provider of the Year” for Soft2Bet’s turnkey platform
- “Product Launch of the Year” for Soft2Bet’s unique gamification solution MEGA
The wins recognise Soft2Bet’s position as a major force in the iGaming industry and highlight its leadership in turnkey solutions and groundbreaking innovations such as Motivational Engineering Gaming Application (MEGA), which has redefined the player experience through gamification, content and engagement.
Soft2Bet cements industry leadership
Soft2Bet continues to set the bar for the online gaming industry and its cutting-edge platform that offers an extensive range of services to operators and their players. Recognised for its seamless integration, robust scalability and the flexibility it provides to deliver highly-localised solutions, the group’s platform has gone from strength to strength over the past 12 months with launches in major markets such as Romania, Italy, Sweden, Greece, Ontario (Canada) and Mexico. Its adaptable infrastructure delivers full turnkey solutions that enable operators to provide unique experiences to their players that are supported by a powerful technology platform that brings scale and liquidity across multiple regions and verticals, making it the preferred choice for top-tier gaming brands.In addition to its platform, Soft2Bet’s MEGA has strengthened its reputation as a game-changer. Our cutting-edge casino gamification solution drives player engagement and sustainable revenues for Soft2Bet’s B2B partners. Winning three Global Gaming EMEA Awards is further recognition of the power of gamification and Soft2Bet’s solutions which play a major role in operators committing to partnering with a platform that drives innovation, growth while bringing the best user experience to life for their players.
The post Soft2Bet Wins Three Major Awards at Prestigious Global Gaming Awards EMEA 2025 appeared first on European Gaming Industry News.
Playzia’s thrilling portfolio of games, including Billionaire Wolf and Billionaire Rhino, as well as upcoming highly anticipated Love Island series, set to go live on SOFTSWISS award-winning platform
Playzia, one of the fastest-growing game providers to the iGaming industry, is thrilled to announce a new partnership with SOFTSWISS, a recognised industry leader in iGaming software solutions development. This collaboration will see Playzia’s portfolio of innovative and thrilling games go live on SOFTSWISS award-winning aggregation platform, offering operators worldwide access to Playzia’s exciting content.
The partnership marks a significant milestone in Playzia’s continued expansion into global markets. Exciting titles from the dynamic studio developer, including Billionaire Wolf, Cosmos Cash, Sweet Candy Fortune, The Great Fishing Adventure, along with the newly released Volcanic Coins and Billionaire Rhino, are now available on the SOFTSWISS Game Aggregator. In addition to the steady rollout of 3 exciting titles per month, Playzia is committed to delivering unique branded content, including a recently announced series with ITV, inspired by the global phenomenon Love Island. This marks just the beginning of the Playzia’s ongoing growth and development in the iGaming industry.
Penning the agreement with SOFTSWISS and expanding its network of partners allows the fast-paced studio to further its mission of bringing its thrilling and innovative games to an even broader audience, ensuring players around the world who Love to Play can enjoy top-tier, one-of-a-kind gaming experiences.
“We are delighted to partner with SOFTSWISS and make our games accessible to operators through their renowned aggregation platform,” said Vlad Modorcea, CPO at Playzia. “This collaboration represents an exciting opportunity to reach new markets, and we’re confident that players will enjoy the high-quality content we bring to the table. Our games are designed to captivate, and we can’t wait to share them with SOFTSWISS global network.”
Nikita Keino, Head of Partnerships at SOFTSWISS Game Aggregator added: ‘We welcome Playzia as our new partner, and we are proud to expand our portfolio with new games. We have already surpassed the 27,000 games mark and are excited to offer the market the best and most diverse games from the wide range available.’
Beginning this year, Playzia is gearing up to unveil an exciting roadmap, with three new games launching each month. Looking ahead, partners and players can anticipate the introduction of trademarked mechanics, innovative new game types including crash, table, instant, and probability games, along with exciting jackpots and tournaments, all designed to elevate the gaming experience to new heights.
The post Playzia Signs Major Deal with SOFTSWISS, Expanding Reach with Top Aggregator Platform appeared first on European Gaming Industry News.
BETBY, a premium supplier of innovative sportsbook solutions, has announced a major update to its Betting Tips API, introducing expanded sports and market coverage. Incorporated in the award-winning AI Labs suite of tools, the Betting Tips API is designed to elevate the player experience, drive higher conversion rates, and increase betting frequency by creating a more informed and confident betting environment for users.
With this latest update, the Betting Tips API now provides insights from the latest news, interesting team facts, and other relevant information on nine sports: Soccer, Basketball, Baseball, Hockey, Tennis, Handball, American Football, Cricket, and Volleyball. For each of them, BETBY offers 10 main markets, allowing users to diversify their betting opportunities.
Unlike many suppliers that limit their Betting Tips to major leagues, BETBY can provide insights for all lower tier leagues across the covered sports. This enables operators to activate specific, niche leagues on demand according to their preferences, showcasing BETBY’s commitment to adaptability and client satisfaction by granting access to localized content.
For the first time, the Betting Tips API is also integrated into BETBY’s proprietary esports feed, BETBY Games, providing data-driven tips that enhance the gaming experience.
Moreover, the Betting Tips API is now available in 16 languages: English, Portuguese (Brazilian and European), Spanish, Turkish, Russian, German, Japanese, French, Italian, Kazakh, Azerbaijani, Uzbek, Kyrgyz, Estonian, and Finnish. This multilingual support ensures higher accessibility and usability for a broad range of both operators and end-users.
“This update to the Betting Tips API significantly enhances our ability to generate sports content independently of any data provider. We are rapidly expanding content coverage and are prepared to offer niche sports and leagues. This highlights our commitment to innovation and client-centric solutions, reinforcing our leadership in the sports betting sector,” said Danil Emelyanov, Head of BETBY’s AI Labs. “It also marks another milestone for AI Labs, which remains dedicated to delivering state-of-the-art AI-driven solutions by improving existing tools and developing new ones.”
The post BETBY ENHANCES BETTING TIPS API WITH EXPANDED SPORTS AND MARKET COVERAGE appeared first on European Gaming Industry News.
Soft2Bet Wins Three Major Awards at Prestigious Global Gaming Awards EMEA 2025
Playzia Signs Major Deal with SOFTSWISS, Expanding Reach with Top Aggregator Platform
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