Playtech buyout Virtue Fusion Bingo Software
Playtech Ltd have just taken a giant leap in the online bingo industry as one of the best and most innovate bingo software providers on the net after securing a buyout of Virtue Fusion for around £36 million. The news of this latest acquisition has sent shock waves throughout the realms of bingo and this is the fifth takeover Playtech have made in the past three years
Virtue Fusion software currently powers some of the top online bingo sites on the net like Mecca Bingo, Ladbrokes Bingo, Paddy Power Bingo, Crown Bingo and Bet365 Bingo to name just a few……all big brand names and massive within the online gaming field.
The takeover of Virtue Fusion will not affect any of these only bingo sites directly at present, so players will not notice any difference at all. What this leads to in the future however, may be another story. Playtech financed their buyout of Virtue Fusion from their own cash resources, but as to whether the full £36 million pounds will be paid does depend on the performance of virtue this year and into 2011.
Performance based acquisitions are pretty much standard terms for deals like this one. Partgaming who purchased the cashcade group last year and 888.com who acquired Daub Ltd, owners of Wink Bingo have similar deals in place also. So the sites need to continue to perform in order for the owners to get the full payment agreed.
Commenting on the acquisition of Virtue Fusion, Mor Weizer, CEO of Playtech said: “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 develops unified software platforms and Virtue Fusion develops Bingo and networked gaming solutions for the online gambling industry, so the two combined together will be a force to be reckoned with. Virtue Fusion was founded in 1999 and have gone on to be industry leaders in their field winning numerous award accolades along their way.
