One of the leading online casino and slots software manufacturers has today moved into the online bingo market through the acquisition of Virtue Fusion, an online bingo business, in a deal initially thought to be in the region of £29 million.
Playtech, the publicly listed online gaming software manufacturer, have traditionally focussed on the casino and poker markets. The acquisition of the bingo specialist Virtue Fusion, who operate a network with over 6 thousand online bingo players, and supplies bingo licenses to industry giants such as Bet365, Ladbrokes, Paddy Power and William Hill, is a marked change of direction for Playtech, and a clear indication that bingo represents a core component of their business strategy going forward.
Commenting on the move, Jamie Spence an analyst and contributor to the leading gaming portal the Online Pokies Club said of the deal……
‘Playtech have long been recognised as the industry leaders with their in casino and poker products but have to date stayed well clear of the bingo market. The move into bingo is not a major surprise, given that their competitors have been making similar acquisitions in recent times. However the market itself will be surprised at the acquisition price. Based on 2009 EBITDA of £3.8 million, the price tag of £29 million represents a multiple of 7.6 which seems rather high, even by industry standards, and is a figure based on the future potential of the business rather than its past performance.’
Source: The Online Pokies Club - the number one resource for online casino and slots news. Check out the latest free pokies promotions available to online players.
Tags: playtech, virtue fusion
This entry was written by admin on Thursday, February 18th, 2010 at 10:45 pm and is filed under Blog, News.
