Kindred to Supply Kambi with Sportsbook Until 2026
Kambi Group (STO: KAMBI) and Kindred Group (STO: KIND-SDB) have announced that they have signed a three-year extension to their sportsbook partnership, which will take the agreement through to the end of 2026.
The new agreement will come into effect when the current contract expires on 1 January 2024. The two companies have been working together since 2014.
Furthermore, Kambi’s financial performance has met the specific conditions needed to prepay, should it wish, a convertible bond that was previously issued to a wholly owned subsidiary of Kindred.
Kambi and Kindred continue to enjoy a fantastic relationship and this contract extension, which sees Kambi commit to providing Kindred with our modularized technology and services until 2026, enables this form of symbiotic partnership to further develop and best support the evolving strategies of both companies. The financial security and change of control protection granted by this new agreement, as well as the control we have gained over the convertible bond, place Kambi in a strong position as we enter our next chapter of global growth and take a significant step towards us becoming the key enabler for visionary operators in regulated markets across the world.
The agreement is very much mutually beneficial. It provides Kambi with a guaranteed baseline revenue and it guarantees Kindred Kambi’s technology and services.
Henrik Tjärnström, the Kindred Group CEO, said that he is “very pleased” about the contract extension. Tjärnström added, “This agreement is an important building block in our long-term strategy to transform Kindred into a product driven company with a sustained dedication on customer experience, and we are excited to continue to work closely with Kambi to evolve the partnership.”