Playtech Records its 4th Acquisition This Year
Playtech, a leading software provider in the online gambling industry announced a deal that it signed recently. It has acquired Ash Gaming, a software provider. The acquisition deal has been settled for £23 million. Following this, Ash Gaming will not provide software to casinos like Gala Coral. Playtech will now be the sole software solution of the casino site for the next ten years.
Ash Gaming is a London based-software provider, started by Chris Ash in the year 2002. Since its launch, Ash Gaming made significant developments on its site. Currently, the company has around 40 employees. For this acquisition, Playtech will initially pay £15.5 million. The remaining sum of £7.5 million will be paid by the company over 3 years.
Mor Weizer Excited about the Acquisition
Playtech’s CEO, Mor Weizer, stated that he is excited about the deal with Ash Gaming. The latter holds a strong reputation in the industry for delivering unique online casino products. The software provider powers as many as 30 licensed internet casinos. The fast growing Virgin Casino, which does not allow real money poker online usa, is included on the list of Ash Gaming powered sites.
Weizer also stated that Playtech has been on good terms with the team at Ash Gaming for a considerably long time. Playtech derived significant benefits from the expertise and technical know-how of Ash Gaming. Now, Playtech plans to introduce Ash Gaming games to the numerous internet casinos that it powers.
Some of the most popular casino games from the portfolio of Ash Gaming are Madness House of Fun and Midas Millions. According to Mor Weizer, the partnership will help Playtech have a stronger hold in the industry. By adding more games to its portfolio, Playtech will be able to increase its revenue. After the agreement was signed, Playtech’s share recorded a 1% rise on the London Stock Exchange.
Playtech Raising Funds by Selling Shares
In order to pay the requisite amount for buying Ash Gaming, Playtech is trying to raise funds. £100 million will have to be obtained from shareholders of the company. 46,511,627 additional shares will be offered for sale. Playtech’s shareholders approved of the deal at a general meeting of the company. However, Ivor Jones, a leading analyst recommended that shareholders should not vote in favor of the agreement.
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