Kambi Group and Kindred Group have agreed a three-year extension to their sportsbook partnership, signing a new agreement until the end of 2026.
The new agreement will begin after the completion of the current contract on 1 January 2024. The companies first joined forces in 2014.
Moreover, Kambi’s financial performance has seen it meet the specific conditions required to prepay - at its own discretion - a convertible bond 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 modularised technology and services until 2026, enables this form of symbiotic partnership to further develop and best support the evolving strategies of both companies,” said Kambi CEO and Co-founder Kristian Nylén.
“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 provides Kambi with a baseline guarantee of revenue, while Kindred will be guaranteed Kambi’s technology and services.
Kindred Group CEO Henrik Tjärnström commented: “I’m very pleased that we have secured a continued collaboration with our long-term partner Kambi to supply us with high-quality technology and trading services for the coming five years.
“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.”