Playtech Expands with Virtue Fusion Acquisition - 02-17-10 |
 February 17 -
Playtech has made itself one of the biggest leaders in
the online bingo market after acquiring the Virtue Fusion platform for up to £36 million.
Virtue Fusion provides online bingo software to over 20 of the top bingo
sites, including Mecca Bingo,
Ladbrokes Bingo, Paddy Power Bingo and William
Hill Bingo.
Together with Playtech's existing bingo brands, the new purchase will ensure
that Playtech takes the place among the elite in the industry.
The initial £29 million will be paid to Virtue Fusion at the beginning of
the deal, and up to £7 million more will be paid as an additional earn-out
payment by the beginning of next year.
The Chief Executive Officer of Virtue Fusion, Bob McCulloch said: "We are
delighted to be part of Playtech. This deal will ensure our operators continue
to benefit from the market leading VFA Bingo product and in addition can now
profit from Playtech's greater international reach and access to a wider games
portfolio."
The combined networks will lead to greater liquidity, higher jackpots and
larger range of games for players to enjoy.
Mor Weizer, the CEO of Playtech noted: "The acquisition places Playtech in
the leading position in international online bingo markets, complementing our
leading position in poker and casino, and following the GTS acquisition, as a
content provider."
"It reflects our ongoing commitment to provide licensees with a comprehensive
portfolio of best of breed gaming products," he added.
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