The Ashes

Technology, Science and other news
March 28, 2012

Online Gambling Software Developers Sell Out For £15 Million

Posted by : admin
Filed under : General

There is no doubt about the fact that software developers have to be innovative to stay in the business, and online gambling software developers may have to push the ticket a little bit more.  There is also no doubt that there is a great deal of money to be found in software designer and more than a few online casino developers have quite literally made a killing.

Now four software designers are sharing a windfall of up to £15million after having sold their online gambling business. Geneity is a Chiswick-based developer who have agreed to sell out to a much larger rival – Playtech. Playtech has been on a massive acquisition spree for the past year. They are dynamically acting to boost an already highly evident presence in markets where gambling online is legal.

Managing Director of Geneity, Will Slater, together with brother, Philip, and another two co-founders are going to be splitting the prize of £11million, and an additional £4 million will be paid out in a performance based deal. Basically the software needs to be on a strong growth trajectory over the next two-and-a-half years. This business was founded in 2006 and has created software systems for Betfair, Coral and Ladbrokes, all big brand names in online gambling in the UK.

In additional Playtech news, venture partnerships have also been announced with Peermont in South Africa, and rivals Merkur-Gauselmann in Germany. Playtech is an Israeli-based company; they are Aim Listed and provide software solutions for the entire online gambling industry including; Bingo, Poker, Casinos, Sports-betting and mobile. During a recent IPO exercise Playtech raised £100 million for a concentrated growth thrust.

Another recent Playtech acquisition saw them pay an initial consideration of £15.5 million for Ash Gaming. This online gambling concern is a leading content provider, they have over 30 licensees, and dependent upon future performance a total cash consideration of up to £23 million will be paid in deferment. Playtech has acquired the entire issued share capital of the company which has shown a strong revenue and growth profile.

This company, like all the business Playtech identifies for acquisition, enhances their wholly-owned library of online gambling content as well as value.  Ash Gaming offers premium content, and latent incremental revenue synergies are available to raise margins for casino platforms as well as poker and bingo. Ash Gaming employs over 40 staff members, was founded in 2002, and is now an industry leader with a focus on the provision of predominantly slots games.  The majority of staff employed at this firm is gaming developers – they have an excellent reputation for offering exciting, innovative content. E-Gaming Review awarded this brand with a huge industry accolade in 2010 when they won ‘Innovation in Slot Production’ for the year. Their portfolio of games includes Amazon Wild and Madness House of Fun, as well as other leading titles.

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