Software developer Playtech Limited has purchased the gambling platform provider Virtue Fusion Limited for an initial payment of £29 million. This amount will be subject to a set of agreed working capital adjustments. There will also be an additional payment of up to £7 million in the first quarter of 2011 based on the performance of Virtue Fusion during 2010.
Virtue Fusion was founded in 1999 and has a peak player base of more than 6000 players. It also has a growing business in European countries. Virtue Fusion provides turnkey solutions to other popular brands. Mor Weizer, CEO for Playatech stated: “The acquisition places Playtech in a 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”.
All of Virtue Fusion’s key personnel have signed contracts to remain with the company for a minimum of 2 years.
Bob McCulloch, CEO of Virtue Fusion, stated that they are delighted to be a part of Playtech. “This deal will ensure our operators continue to benefit from the market-leading Virtue Fusion bingo product and, in addition, can now profit from Playtech’s greater international reach and access to a wider games portfolio.”