Mergers and Acquistions News
Categories: Software
February 15th 2010, 17:57PM
Software provider Playtech Ltd has announced that it has purchased online bingo product developer Virtue Fusion, which could interest those following technology mergers and acquisitions.
While the initial consideration for the deal was set at £29 million, this is subject to agreed working capital adjustments that will be funded by Playtech.
The software provider will also provide earnout payment of up to £7 million in the first quarter of 2011 based on adjusted earnings before interest and tax.
Playtech intends for the merger and acquisition to substantially enhance player liquidity through the introduction of new cross-selling opportunities.
Mor Weizer, chief executive officer of Playtech, claims that this positions Playtech as a leader in international bingo, consolidating its existing role in the poker and casino sectors.
He states: "It reflects our ongoing commitments to provide licensees with a comprehensive portfolio of best-of-breed gaming products.
Earlier this month, Advanced Computer Software acquired Redac Holdings, the owner of COA Solutions, for total consideration of £100 million.
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