Gaming machine manufacturer, Ainsworth Game Technology (ASX:AGI), has recently welcomed European domiciled, Novomatics, to its share register after acquiring founding shareholder, Len Ainsworth’s, 53% equity holding. AGI is aiming to deliver material synergies including cost savings, access to an extensive software library and sales into Europe. Together with a likely bottoming of market share in Australia in coming periods and a strong outlook for market share gains in the US, we have a positive outlook for AGI on a multi-year view. Similar to Aristocrat Leisure (ASX:ALL) several years ago, we see AGI as investing appropriately in research and development (new products) at the bottom of its market share cycle as a lead indicator for future revenue growth. This remains subject to execution, which we continue to monitor. (VIEW LINK)