A content studio joins a technology supplier
Trivelta, a Boston-based B2B iGaming technology company, has acquired Kerma Games, the studio behind a run of original and celebrity-branded casino titles and a round-the-clock live dealer studio. Neither side has disclosed what it paid.
Games players remember. Kerma built its catalogue around original titles and long-term partnerships with musicians and athletes rather than licensed one-offs.
Kerma Games announced on its own site, dated 31 August 2026, that it had agreed to be acquired by Trivelta, a Boston, Massachusetts-based B2B iGaming technology company. Trade coverage followed quickly: [iGB](https://igamingbusiness.com/company-news/trivelta-acquires-kerma-games-expanding-into-proprietary-content-and-entertainment-ip/) reported it on 1 September, and [Gaming Intelligence](https://www.gamingintelligence.com/finance/235613-trivelta-boosts-content-and-ip-portfolio-with-kerma-games-acquisition/) followed on 3 September, explicitly noting that financial details of the transaction have not been disclosed.
Kerma is a smaller, sharper kind of studio. Rather than chasing a broad catalogue of licensed slots, it built its identity around original titles and long-term partnerships with musicians and athletes, including Snoop Dogg, Lil Baby, Sexyy Red and Luka Modrić. It also runs a broadcast-quality, English-language live dealer studio that operates around the clock, reported to be based in Monterrey, Mexico.
For Trivelta, the logic is straightforward: proprietary content, entertainment IP and a live casino product are three things that are genuinely hard to build in-house on a technology supplier’s timeline. For Kerma, the deal trades some independence for capital, technology and a bigger distribution footprint, while Kerma keeps running its own brand and commercial relationships.
This is not about changing what makes Kerma different. It is about giving it the scale to become bigger.
Kerma Games continues to operate under its own brand, with its own creative direction, product strategy and commercial presence, and its content stays available to operators and platforms outside Trivelta’s own ecosystem. That is a deliberate choice, and it shapes most of what is interesting about this deal.
Acquiry congratulates both companies. Below, we set out what happened, what Kerma actually brings to the table, why it fits Trivelta’s roadmap, and what the silence on price does and does not tell us.
The deal in five points
Research cut-off 1 October 2026. Facts below are drawn from Trivelta’s and Kerma Games’ own announcement and contemporaneous trade press unless marked otherwise.
- 1
Trivelta, a Boston, Massachusetts-based B2B iGaming technology company, has acquired Kerma Games, the iGaming content studio behind a portfolio of original and celebrity-branded casino titles. Kerma Games announced the deal on its own site, dated 31 August 2026.
- 2
The acquisition was picked up by trade press in the days that followed: iGB on 1 September and Gaming Intelligence on 3 September. Neither company has disclosed the purchase price or the structure of the transaction, and no figures have surfaced since.
- 3
Kerma’s catalogue is built around original titles and long-term, multi-year partnerships with Snoop Dogg, Lil Baby, Sexyy Red and Luka Modrić, alongside a 24/7 English-language live dealer studio reported to operate from Monterrey, Mexico.
- 4
Kerma Games will continue to operate under its own brand, keeping its creative identity, product strategy and commercial presence. Its content stays available to operators and platforms outside Trivelta’s own technology ecosystem.
- 5
The strategic logic runs both ways: Trivelta adds proprietary content, entertainment IP and live casino capability to its existing B2B technology stack, while Kerma gains capital, technology and Trivelta’s international distribution to accelerate its own growth.
Key facts
- Acquirer Disclosed
- TriveltaB2B iGaming technology company based in Boston, Massachusetts
- Target Disclosed
- Kerma GamesiGaming content studio: original and celebrity-branded titles plus a live dealer studio
- Consideration Undisclosed
- UndisclosedNeither company has stated the purchase price or deal structure
- Structure Disclosed
- Full acquisitionKerma continues to operate under its own brand with an independent commercial presence
- Celebrity partners Disclosed
- 4 namedSnoop Dogg, Lil Baby, Sexyy Red and Luka Modrić, under long-term, multi-year agreements
- Live dealer studio Reported
- 24/7 · EnglishBroadcast-quality live studio reported to operate from Monterrey, Mexico
- Trivelta CEO Disclosed
- Carson HubbardChief executive officer of Trivelta
- Kerma founder Disclosed
- Liam TassielloChief operating officer and founder of Kerma Games, continuing in that role
- Announced Disclosed
- 31 Aug – 3 Sep 2026First published by Kerma Games on 31 August; covered by iGB on 1 September and Gaming Intelligence on 3 September
- Disclosed
- Stated by a party to the transaction
- Reported
- Press or data-provider figure, not company-confirmed
- Calculated
- Derived by Acquiry from disclosed or reported inputs
- Illustrative
- Hypothetical or reader-supplied input
- Undisclosed
- Not public and not estimated
The numbers behind the deal
Each figure has its own permanent link and a ready-made citation. Journalists, analysts and researchers are welcome to quote them with credit and a link to Acquiry.
- UndisclosedUndisclosed
Purchase price for Kerma Games
Gaming Intelligence reports explicitly that financial details have not been disclosed by either party.
- 4Disclosed
Named celebrity partners in Kerma’s catalogue
Snoop Dogg, Lil Baby, Sexyy Red and Luka Modrć, each under long-term, multi-year agreements.
- 24/7Reported
Hours the English-language live dealer studio operates
Broadcast-quality live casino content, reported to run from a studio in Monterrey, Mexico.
- 100%Disclosed
Share of Kerma Games acquired
A full acquisition, with Kerma continuing to operate under its own brand and commercial presence.
Part I
The deal
What was announced, and what Kerma Games actually brings.
What happened: a content studio joins a B2B supplier
Trivelta has acquired Kerma Games, the iGaming content studio behind celebrity-branded slots and a 24/7 live dealer studio. The companies have not disclosed financial terms.
Trivelta, the Boston, Massachusetts-based B2B iGaming technology company, has acquired Kerma Games, an iGaming content studio known for original and celebrity-branded casino titles and a round-the-clock live dealer studio. Kerma Games announced the deal (opens in a new tab) on its own site, dated 31 August 2026, and iGB (opens in a new tab) and Gaming Intelligence (opens in a new tab) covered it in the days that followed.
Financial terms were not disclosed. Gaming Intelligence reported plainly that the financial details of the transaction have not been disclosed, and neither company has published a price, multiple or payment structure since.
Gaming Intelligence reported it plainly: the financial details of the transaction have not been disclosed.
Trivelta is led by chief executive Carson Hubbard. Kerma Games is led by Liam Tassiello, its chief operating officer and founder, who continues in that role after the deal.
- Buyer. Trivelta, a privately held B2B iGaming technology company based in Boston, Massachusetts.
- Target. Kerma Games, an iGaming content studio producing original and celebrity-branded casino titles plus a live dealer studio.
- Structure. A full acquisition. Kerma Games continues to operate under its own brand, with its own commercial presence.
- Consideration. Undisclosed. Neither party has stated a price or structure.
What exactly Trivelta bought, and why Kerma’s catalogue is harder to copy than a standard slots library, is the subject of the next chapter.
Inside Kerma Games: content built around culture
Kerma’s catalogue is built around original titles and long-term celebrity partnerships, alongside a broadcast-quality live dealer studio that runs around the clock.
Kerma Games describes itself as building games players remember, a line that points at its actual strategy: rather than licensing a steady stream of branded one-offs, Kerma has built long-term, multi-year partnerships with a small number of musicians and athletes, and pairs those with original titles developed in-house.
Kerma’s live dealer studio runs 24 hours a day in English. Gaming Intelligence reports it is based in Monterrey, Mexico.
The celebrity roster is specific rather than broad: Snoop Dogg, Lil Baby and Sexyy Red from music, and Luka Modrić from football, each attached to content under long-term agreements rather than a single licensed title. That is a deliberate narrowing. A studio with four deep partnerships is easier to defend than one with forty shallow licences, provided each relationship is actually renewed and maintained.
Original titles developed in-house, rather than licensed from a third party.
Celebrity-branded content built on long-term, multi-year partnerships rather than single-title licences.
Four names, one strategy
Trade coverage of the deal repeated the same four names Kerma has used to describe its roster: Snoop Dogg, Lil Baby, Sexyy Red and Luka Modrić. The pattern spans both music and sport, which suggests Kerma is building a culture-led content identity rather than a single-genre one.
A studio built for 24/7 live casino
Kerma also operates a broadcast-quality, English-language live dealer studio that runs continuously. Gaming Intelligence reports (opens in a new tab) the studio is based in Monterrey, Mexico; Kerma’s own announcement does not state a location. A live studio is a genuinely different operating model from a slots catalogue: it is a continuous production, not a shipped product, and it is the piece of Kerma’s business that is hardest for a pure technology supplier to replicate quickly.
Part II
The strategy
Why Trivelta wanted it, and what stays deliberately separate.
Why Trivelta wanted it: content and live casino for a tech stack
Trivelta is a B2B technology supplier. Kerma adds the two things that are hardest to build in-house on a supplier’s own timeline: owned entertainment IP and a live casino product.
Trivelta describes itself as a B2B iGaming technology company, the kind of business that supplies platforms, tools and infrastructure to operators rather than running its own consumer-facing casino brand. That is a useful business to be in, but it has a structural gap: a technology supplier’s roadmap is built around uptime, integrations and tooling, not around signing musicians or building a live production studio.
Content and live casino slot into layers that a pure technology supplier’s roadmap does not naturally produce on its own.
Models & research
World Labs contributes: Spatial-intelligence world models; robot learning via SceniX
Effect on AMD: New in-house frontier research function led by a chief scientist
Software & developer ecosystem
World Labs contributes: Marble, World API, Spark open-source renderer
Effect on AMD: Reference workloads and a developer surface running on AMD
Systems & rack scale
World Labs contributes: Training and inference at scale; simulation pipelines
Effect on AMD: Profiling of memory, latency and interconnect demands
Silicon roadmap
World Labs contributes: Mixed neural, rendering and geometry workloads
Effect on AMD: The stated prize: design inputs for future CPUs, GPUs and accelerators
Free to reference with credit and a link to Acquiry.
“This is not about changing what makes Kerma different. It is about giving it the scale to become bigger.”
Hubbard’s framing matters because it tells you what Trivelta is not trying to do. The stated intent is not to fold Kerma’s content into Trivelta’s brand or rebuild it around Trivelta’s product priorities. It is to give an already-distinctive studio more capital, more technology and more distribution than it had on its own.
Content studios and technology suppliers solve different problems. This deal puts both inside one group without collapsing either into the other.
Part III
The assessment
What the companies did not say, the risks to watch, and Acquiry’s view.
What Trivelta didn’t say: deal terms and independence
Neither company has disclosed price or structure. What is public is the commitment that Kerma keeps its brand, its team and its commercial presence.
Opaque pricing is the norm, not the exception, for private B2B gaming M&A at this scale. Most studio acquisitions in this part of the market never surface a number, and the absence of one here is not itself a signal about the deal’s quality in either direction.
- 31 Aug 2026
Kerma Games announces the acquisition
Kerma Games publishes the news on its own site, naming Trivelta as the acquirer and describing the deal as full ownership with continued independent operation.
Completed · Transaction
- 1 Sep 2026
iGB reports the deal
iGaming Business covers the acquisition, confirming the companies’ own framing of the strategic rationale.
Completed · Transaction
- 3 Sep 2026
Gaming Intelligence confirms terms are undisclosed
Gaming Intelligence reports the deal and states explicitly that the financial details of the transaction have not been disclosed.
Completed · Transaction
Free to reference with credit and a link to Acquiry.
What the companies did disclose is the shape of the arrangement: Kerma Games continues to operate under its own brand, keeping its creative identity, product strategy and commercial presence, and its content stays available to operators and platforms outside Trivelta’s own technology ecosystem. Liam Tassiello remains in place as chief operating officer.
“Kerma remains Kerma. We are just better resourced to keep building it.”
Read together with Trivelta’s side of the announcement, the deal reads as a deliberate trade: Kerma gives up full independence in exchange for Trivelta’s balance sheet, technology and international distribution, while keeping enough autonomy that its existing relationships with operators and talent partners do not have to be renegotiated from scratch.
Risks, lessons and Acquiry’s assessment
Concentration in a handful of celebrity partnerships and the tension between independence and integration are the two things worth watching. Acquiry’s view: a sensible, low-drama fit, built on terms neither side has chosen to publish.
Because no financial terms were disclosed, this is not a deal that can be risk-weighted against a price or a multiple. What can be assessed is the shape of the arrangement itself, and where it could go wrong operationally rather than financially.
The companies that get acquired well are the ones that were already distinct. Kerma’s identity was built before anyone was buying.
| Factor | Disclosed | Acquiry view | Rating |
|---|---|---|---|
| Celebrity-partner concentration | Four named partners: Snoop Dogg, Lil Baby, Sexyy Red and Luka Modrić. | A small roster of long-term deals is a moat, but it also means any single non-renewal or reputational issue has an outsized effect on the catalogue. | Elevated |
| Brand independence vs. integration | Kerma continues under its own brand and keeps a commercial presence outside Trivelta’s ecosystem. | Independence protects what made Kerma distinctive, but it also means the two companies must keep investing to actually connect their roadmaps rather than let the deal stay nominal. | Moderate |
| Live studio location and licensing | A 24/7 English-language live dealer studio, reported to operate from Monterrey, Mexico. | Live studios carry jurisdiction-specific licensing and operational requirements. Neither company has published which regulated markets the studio currently serves. | Moderate |
| Undisclosed consideration | Neither company has stated a price, multiple or payment structure. | Opaque pricing is normal for private B2B gaming M&A of this size, and does not by itself signal a problem. It does mean outside observers cannot judge whether the price was full or a bargain. | Low |
Free to reference with credit and a link to Acquiry.
With no disclosed price, the real risks in this deal are operational: talent concentration, studio licensing and whether independence is actually maintained.
Lessons for buyers and founders
- For founders: build the identity before you look for a buyer. Kerma’s original-titles-plus-celebrity-partnerships strategy was distinctive well before Trivelta made an offer, which is a large part of why the deal reads as a fit rather than a rescue.
- For buyers: if independence is the point, say so clearly, and keep saying it. Trivelta’s public commitment to Kerma’s continued autonomy sets an expectation it will now have to meet in practice, not just in the press release.
- For both: name the concentration risk out loud. A catalogue built on four celebrity partnerships is a strength until one relationship ends, and a studio that depends on it should have a plan for that before it happens.
Frequently asked questions
Who bought Kerma Games?
Trivelta, a Boston, Massachusetts-based B2B iGaming technology company led by chief executive Carson Hubbard, acquired Kerma Games. Kerma Games announced the deal on its own site on 31 August 2026.
How much did Trivelta pay for Kerma Games?
The purchase price was not disclosed. Gaming Intelligence reported explicitly that the financial details of the transaction have not been made public, and no figures have surfaced since.
Will Kerma Games keep its own brand?
Yes. Kerma Games continues to operate under its own brand, with its own creative identity, product strategy and commercial presence, and its content remains available to operators and platforms outside Trivelta’s own ecosystem.
What does Kerma Games make?
Original and celebrity-branded casino games, plus a 24/7 English-language live dealer studio. Its approach favours long-term, multi-year content partnerships over one-off licensed titles.
Who are Kerma’s celebrity partners?
Kerma’s publicly named partners include Snoop Dogg, Lil Baby, Sexyy Red and Luka Modrić, each under long-term agreements rather than single-title licensing deals.
Where is Kerma’s live dealer studio?
Kerma runs a broadcast-quality, English-language live dealer studio that operates 24 hours a day. Gaming Intelligence reported the studio is based in Monterrey, Mexico; neither company’s own announcement specifies a location.
Who leads Trivelta and Kerma Games after the deal?
Carson Hubbard remains chief executive of Trivelta. Liam Tassiello, Kerma Games’ founder, continues as its chief operating officer.
When was the Trivelta-Kerma Games deal announced?
Kerma Games published the announcement on its own site on 31 August 2026. iGB covered it on 1 September and Gaming Intelligence on 3 September.
Methodology and limitations
This analysis was compiled from Kerma Games’ own 31 August 2026 announcement, plus the two trade publications that covered the deal in the days that followed: iGaming Business on 1 September and Gaming Intelligence on 3 September.
Every figure in this article carries a label. Disclosed means stated by Trivelta or Kerma Games. Reported means attributed to a secondary source, such as Gaming Intelligence’s note on the live studio’s location. Undisclosed means neither party has published the figure, which applies to the purchase price and deal structure here. No valuation, multiple or comparable-transaction figures are presented in this article, because none have been disclosed for this deal.
Research cutoff: 1 October 2026. All imagery in this report is original to Acquiry Deal Intelligence.
Independence. Acquiry was not engaged by any party. This is independent research from public sources and is not a solicitation, investment advice, or an offer to buy or sell any security. Acquiry holds no disclosed position in Trivelta or Kerma Games.
Sources
Numbered to match the superscript citations. Sources marked “not independently retrieved” are cited as reported and were not verified against the original.
- 1Trivelta Acquires Kerma Games, Expanding into Proprietary Content and Entertainment IP
Kerma Games · · Company release
- 2Trivelta acquires Kerma Games, expanding into proprietary content and entertainment IP
iGaming Business (iGB) · · Press / data provider
- 3Trivelta boosts content and IP portfolio with Kerma Games acquisition
Gaming Intelligence · · Press / data provider
Confirms financial details of the transaction have not been disclosed and reports the Monterrey, Mexico live-studio location.
- 4Acquiry Deal Intelligence calculations and assessments
Acquiry · · Acquiry calculation
Qualitative framing and risk assessment only. No financial figures are disclosed for this transaction, so no valuation calculations are presented.
Cite this report
Boyton, J. (1 October 2026). Trivelta Acquires Kerma Games, Adding Celebrity IP and Live Casino. Acquiry Deal Intelligence. https://www.acquiry.com/deal-intelligence/trivelta-acquires-kerma-games/
@online{boyton2026amdworldlabs,
author = {Boyton, Joash},
title = {Trivelta Acquires Kerma Games, Adding Celebrity IP and Live Casino},
organization = {Acquiry Deal Intelligence},
date = {2026-10-01},
url = {https://www.acquiry.com/deal-intelligence/trivelta-acquires-kerma-games/}
}
Joash Boyton is a technology sector analyst, publisher, and the founder of Acquiry, where he executes buy-side and sell-side M&A mandates across digital assets, software, and gaming technologies. He is the author of peer-reviewed corporate finance literature indexed across institutional repositories including Google Scholar and the ORCID Registry. Joash publishes Acquiry Deal Intelligence to deliver independent, forensic strategic reviews and valuation benchmarks of global technology acquisitions, compiling primary data directly from corporate disclosures, SEC filings, and regulatory ledgers.
Research support: Acquiry Deal Intelligence.
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