Playtech announces Virtue Fusion takeover
Playtech, the leading provider of electronic gaming software has announced it has agreed a deal to takeover online bingo developer Virtue Fusion.
The initial deal will see Playtech pay £29 million to acquire all of Virtue Fusion's business and assets. This could rise by another £7 million in 2011 based on the company performance.
With the acquisition of Virtue Fusion, Playtech has become the market leader in online bingo to back up it's strong position in the poker and casino markets. Over 20 UK bingo sites operate using software provided by Virtue Fusion including Mecca Bingo, Ladbrokes Bingo, Virgin Bingo and Crown Bingo.
The deal will see all these sites benefit from more players, new bingo games and bigger jackpots. All Virtue Fusion sites could now be given access to Playtech substantial porfolio of side games and networked slots.
Mor Weizer, CEO of Playtech commented: "The acquisition places Playtech in the 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."
Playtech made the move after they stated that bingo was the fastest online growing gaming sector in 2009.
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