Playtech has Purchased Virtue Fusion

18/02/2010 8:02
Type Online Report
Theme bingo

Playtech Ltd, a leading software provider to the online, mobile, TV and land based gaming sector, has announced that it has acquired the business and assets of Virtue Fusion, a leading developer and licensor of online bingo products.

In summary:

· Initial consideration of £29 million (€33.4 million), subject to agreed working capital adjustments, funded from Playtech's existing cash resources

· Additional earnout payment of up to £7 million (€8.1 million) payable in the first quarter of 2011 based on adjusted EBIT performance in 2010

· Transforms Playtech into a market leader in bingo, complementing its position in the poker and casino sectors, and as a content provider

· Adds a suite of leading brands to Playtech's growing stable of licensees

· Transaction anticipated to be earnings accretive in 2010

In the 12 months to 31 December 2009, the financial performance attributable to the assets being acquired comprised a turnover of £12.3 million (2008: £8.1 million) and adjusted EBITDA of £3.8 million (2008: £2.3 million). These figures are based on the unaudited consolidated accounts of Virtue Fusion's group, and reflect the fact that bingo was one of the fastest growing segments in online gaming in 2009.

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