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Gaming Technology Solutions Purchased by Playtech
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Playtech Limited, an international designer, developer and licensor of software for the mobile, online and land-based gaming industries, reported on Tuesday that it has agreed to acquire Gaming Technology Solutions Limited for an amount of up to €32.4m.
An initial payment of approximately €10.8m will be paid by Playtech plus an additional amount of up to €21.6m depending on the profitability of the Gaming Technology Solutions business during the next two years.
Gaming Technology Solutions, based in Ipswich, is a provider of gaming solutions and Playtech is confident that this new company will help it to develop skill games that are allowed under regulated markets.
Mor Weizer, Playtech chief executive, said that the acquisition would enable Playtech to expand its range of products in regulated and soon-to-be regulated markets. He stated further that the agreement with Gaming Technology Solutions will enable them to work with a true open platform and integrate new games.
Amongst the 10 operators that Gaming Technology Solutions has licensing agreements with which are not currently Playtech casino licensees are Bwin and Unibet.
Weizer added that the deal will allow Playtech to have greater exposure to the fastest growing industry segments, namely the games sections in sports betting sites. Gaming Technology Solutions has many of the most important European sports betting operators amongst its licensee base.
Steven Matsell, Business Development Director for Gaming Technology Solutions reported that their strategy, like Playtechs’ strategy, is to be the recognized market leader as a dedicated business-to-business software provider.
Gaming Technology Solutions recorded revenues of 2.6m and adjusted PBT of 0.3m, before amortization of intangibles of 1.8m during the 12 months to June, 2009.
