Raketech appoints new President and CEO

Raketech has announced the appointment of Oskar Mühlbach as its new President and CEO.

Mühlbach, who has held the role of COO since April this year, will replace current CEO Michael Holmberg with immediate effect.

Christian Lundberg, Chairman of the Board at Raketech, said: “Oskar has a clear vision of how Raketech will develop towards becoming a global partner to players in the online gaming industry.

“With his excellent skills in the company’s core business, I am confident we will ensure the right balance between organic development and expansion.

“As we now enter a new phase in the company’s development, I am convinced he is the right person to execute on our strategy and lead the company through the challenges we and the entire industry experienced in 2019.”

In the lead-up to this change, Raketech had generated revenue of €6m ($6.7m) for Q3 2019, a 15% fall year-on-year.

Adjusted EBITDA was €2.7m, a drop of 34%, while profit for the period was €1.2m, a decrease of 29%.

Despite this, revenue for the first nine months of 2019 saw a 1% increase, to €18.1m.

The affiliate blamed the Q3 revenue drop partly on “a continued challenge in the Swedish gaming market.”

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