What does Evolution do? EVO is an online Business-to-Business (B2B) casino supplier focused on the “live” vertical, with more than 300 customers around the world. In this note I’ll provide some color about the business and why we own it.ġ.
EVO, founded in 2006 (IPO in 2015) and based in Stockholm, Sweden, is a recent addition to the portfolio. Thanks to my friend Johannes Arnold, who is a long-term owner of the stock for Nordstern Capital in New York, for helping me with due diligence. My interest in Evolution (OM:EVO) was piqued.
In the middle of 2021, as the pandemic was raging, the company announced that it would be acquired by its Swedish competitor, Evolution. One of the companies that I had been tracking for a while was NetEnt AB, a Swedish online gaming company with a big share of online slots in the US. My preference for high-quality businesses that can grow their intrinsic value at high rates over a long-time horizon has led me to Sweden recently.
