Better Collective becomes majority owner of Mindway AI
Affiliate giant increases stake in gambling-harm prevention firm to 90% in £2m deal
Better Collective has built up its stake in safer gambling company Mindway AI to 90% after purchasing an additional 70% of the firm’s shares for DKK17m (£2.06m).
Mindway AI offers a portfolio of products to tackle gambling-related harm via prevention and intervention by using AI to identify customer behaviour patterns.
The company was founded by scientists from Denmark’s Aarhus University and is the brainchild of Professor Kim Mouridsen.
The remaining 10% of the business will be held by Mouridsen, who will also remain as chief scientific officer following Better Collective’s acquisition. Incumbent Mindway AI CEO Rasmus Kjærgaard will retain his position.
The Danish affiliate initially secured a 20% stake in Mindway AI in September 2019 for DKK4m.
Under the initial terms of the agreement, Better Collective held the right to acquire the remaining 80% share in the business for DKK20m, providing certain performance targets were met.
Jesper Søgaard, Better Collective CEO, said Mindway AI’s growth since the affiliate’s initial investment had been “impressive” and that he was looking forward to what the future holds for its new subsidiary.
Søgaard said: “We see Mindway AI’s technologies and software solutions as best-in-class and foresee the business play an increasingly important role in the igaming ecosystem, as responsible gambling continues to be at the very top of the industry agenda and in society as a whole.
“It has been impressive to follow the strong development of the company over the last year since our initial investment and I am excited to further build the promising collaboration we have established and to find new areas where our core competencies can be crossed and utilised for the benefit of the partners and players,” he added.
Kjærgaard commented: “With this investment, we now form closer ties to an organisation that has the industry network and muscles to further accelerate the development of our business. I look forward to continuing the strong growth journey Mindway AI has been on and to further expand our footprint globally.”