Playtech Acquires Online Bingo Software Provider Virtue Fusion
Posted on February 15, 2010 by John Trevors for Luckyroom.com
European facing gaming giant Playtech announced that it has come to an acquisition of online bingo software provider Virtue Fusion in a strategic deal that will cost $36 million. Playtech which is the parent company of ipoker currently manages a successful online poker network and a fully loaded online casino portfolio which powers a number of the most popular online gaming brands including amongst others William Hill Poker, William Hill Casino, Titan Poker and Titan Casino.
The acquisition can be seen as a strategic move from Playtech’s perspective as the Israel run online gaming provider is now in a position to offer a fully loaded plug and play package to new gaming licensees with a vertically strong selling point. In a statement made earlier in the day Playtech CEO said: “We see this acquisition as not only furthering what is already Playtech’s competitive advantage in the growing online gaming market as a whole, but as having the potential to generate meaningful opportunities in newly regulated markets,” Weizer said.
Weizer’s statement leaves a question mark behind it in regards if the U.S market will open for stock listed gaming operators sooner than anticipated.
The acquisition which has cost Playtech, 39 million is speculated to depreciate and produce a rapid ROI after technicalities and integration issues have been resolved as Playtech will have set itself as the No.1 pick for any European facing gaming operator with a fully loaded solution which has managed to bridge the gap it had till this day with this acquisition of Virtue Fusion. It is well mentioned that at this point Playtech combined with ipoker will be in a position to offer new licensees the most lucrative package for B2B solutions with cross selling opportunities.
Virtue Fusion currently powers more than 20 online bingo and online gaming sites amongst others Ladbrokes and Paddy Power Bingo which will mean a direct expansion of both ipoker and Playtech in favour of the acquisition. Playtech Shares were up 2.1 percent after the announcement valuing the company at about 1.15 billion pounds.
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