GiG Software has raised €8.5 million to fund the initial payment for its proposed 80% acquisition of 888AFRICA. The Malta-based business reported weaker first-half results and lower cash reserves as it expands its platform services for operators serving Great Britain.

GiG announced the results and fundraising on 26 August 2026. The 888AFRICA transaction remains conditional. GiG has agreed principal commercial terms, but it still needs final approvals and a definitive share purchase agreement.

GiG is seeking to finance an acquisition while revenue, adjusted EBITDA and cash reserves are under pressure.

Revenue and margins declined

GiG reported first-half revenue of €17.8 million for the six months ended 30 June 2026. Revenue was €18.4 million in the same period of 2025.

  • Second-quarter revenue fell 5% year on year to €8.8 million.
  • Second-quarter adjusted EBITDA declined to €0.8 million from €1 million.
  • First-half adjusted EBITDA fell to €1 million from €1.4 million.
  • Cash and cash equivalents stood at €3.5 million on 30 June, compared with €4.3 million a year earlier.

GiG recorded a €6.9 million operating loss in the second quarter. The company said a one-off €3 million bad-debt provision had a major impact on the result.

GiG also cited the insolvency of Richmond Atlantic and lower non-recurring revenue as key factors behind the quarterly decline.

How the acquisition will be financed

GiG plans to buy 80% of 888AFRICA for about €16.4 million. The proposed consideration includes an initial payment of about €6 million and deferred consideration of roughly €10.4 million.

The €8.5 million fundraising consists of a directed share issue and convertible loans. The share issue generated €2.5 million and is expected to dilute existing Swedish Depository Receipt holders by about 9%.

GiG raised a further €6 million through two-year convertible loans carrying a 15% annual interest rate. The company said the net proceeds will fund the acquisition’s initial payment and general corporate purposes.

The transaction would move GiG towards a combined business-to-business and business-to-consumer model. 888AFRICA operates in Mozambique, Angola and Tanzania.

Why the Great Britain link matters

GiG said it launched nine brands during the second quarter across key markets, including the United Kingdom and Canada. It did not name the British brands or identify their operators in the results announcement.

The update follows a February agreement with Jupiter Gaming to migrate multiple online casino brands onto GiG’s CoreX platform and SportX sportsbook. GiG said the migration was expected to take place later in 2026.

The platform provides player account management, payment orchestration, compliance tools and responsible gambling controls. These services form part of the technology supply chain used by operators serving Great Britain.

The Gambling Commission states that businesses manufacturing or supplying gambling software for remote use may require a remote gambling software licence. Operators must also ensure that their systems, controls and customer-facing services meet Great Britain’s licensing conditions.

Cost reductions and the next test

GiG said it had completed €4.5 million in annualised cost savings announced in January. It began a further €6 million programme in June.

The new programme focuses mainly on closing GiG’s white-label business and leaving the United States and Philippines markets. The cuts are taking place as the company funds its proposed acquisition and continues platform migrations.

GiG expects the combined business to generate 2026 revenue of between €44 million and €48 million, with adjusted EBITDA of €5 million to €7 million. The forecast assumes that 888AFRICA contributes for the full fourth quarter.

Those figures remain conditional on completion and integration. For operators serving Great Britain, the practical issue is whether GiG can deliver contracted launches and migrations while reducing costs and carrying new acquisition-related financing.