Playtech Acquires Virtue FusionBy: Ryan Alders, Sunday February 21st 2010
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The leading online gaming software provider, Playtech has announced that it has acquired the business and assets of Virtue Fusion. Virtue Fusion is a leading developer and licensor of online bingo products.
Playtech sees three immediate advantages in this deal. Playtech already has a major presence in other segments of the online gaming industry such as casino and poker. With the acquisition of Virtue Fusion, Playtech can claim to be a major player in the online bingo segment as well. Playtech will also be able to offer its existing licensees Virtue Fusion products and thus strengthen its relationship with them. Finally Playtech will be able to take on the existing licensees of Virtue Fusion and thus increase the liquidity on its network. This will enable Playtech to offer all its licensees, existing and new, more frequent games and higher prize values and jackpots for the same stake.
What Virtue Fusion brings to the table in specifics is a gaming network that offers some of the largest bingo prizes in the industry and that has peak traffic of over 6,000 concurrent players. Virtue Fusion also specializes in providing bingo side games such as slots and scratch cards. These side games are played concurrently with bingo games and not only generate additional revenue for the operators but also help build high retention rates. Playtech will also provide benefits to the operators and players on the Virtue Fusion network. They will integrate with Playtech's highly sophisticated IMS information management system. This system provides real time player management tools for enhancing cross-selling of products and management of VIP clients. These tools result in efficient and effective operations and revenue growth.
Playtech has paid an initial consideration of £29 million from its existing cash resources. An additional payment of up to £7 million will become payable in the first quarter of 2011 based on profit performance in 2010. The assets acquired by Playtech contributed to a turnover of £12.3 million and profit £3.8 million in 2009. The founders and key personnel of Virtue Fusion will remain with the business for at least two years.
Commenting on the acquisition, Mor Weizer, Chief Executive Officer of Playtech said that it was pursuant to Playtech's commitment "to provide licensees with a comprehensive portfolio of best of breed gaming products". Weizer also referred to the acquisition of GTS by Playtech earlier this year. He added, "Virtue Fusion is recognised as the market leader in online bingo, has an expanding international presence and a very strong reputation for high quality and expert management of their bingo network which has attracted a number of top-quality licensees."
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