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.”
Full Flush Poker is a dead online poker room that was initially launched as the main room of the Equity Poker Network, an emerging online poker network that was supposed to be a non-profit type of venture. Previously, the poker room and the network both shut down around the same time, and an estimated total of over $2 million was left owed to players, affiliates and others associated with the venture in various ways.
There are certain online casino portals that have gained a tremendous amount of popularity, this being one of them, and sometimes there are big business deals involving these portals that are important to the industry as a whole. AskGamblers.com, one of the most popular websites centered around the online casino industry, has been recently purchased by the company Catena Media for a total of €15 million in a move that's making waves in the online casino world.
Details on the Deal
The online gambling world sees business deals happen all the time with one company buying another or selling a part of itself to another business. These frequent deals introduce a lot of strategy in terms of how business is done, and the Cherry Group seems to have this strategy down to an art form. They've recently picked up two different companies for two different reasons with Moorgate Ltd. and NorgesSpill.com, and it's interesting to see how these deals complement Cherry's current operations.