The announcement marks the culmination of talks that have surrounded Revel for the past six months, when reports emerged that IBM (NYSE: IBM) was in discussions to buy the business. A few weeks ago, meanwhile, a federal filing dated January 13 indicated that WCAS had acquired some stake in Revel. WCAS first backed the company in 2014, when it led a $100 million investment that valued Revel at $500 million.
The deal also represents a continuation of private equity’s increasing interest in fintech. Investors completed 78 PE deals in the sector last year, a decade high, according to the PitchBook Platform. It was the fourth straight year with an uptick in fintech activity, rising from a mere 39 deals in 2012.
Want more fintech info? Check out our analyst note predicting what 2017 has in store for the industry.