British Virgin Islands-based Playtech Limited, the international designer, developer and licensor of software and services for gaming industry, has acquired the whole issued share capital of Ash Gaming, one of the leading developers of interactive gambling and betting games. The shares were acquired for total cash consideration of up to £23 million, comprising initial consideration of £15.5 million and deferred contingent consideration of up to £7.5 million.
The acquired company is one of the online gaming industry's leading games content developers focused on the provision of games for online betting and gambling operators. The company employs more than 40 staff, of which the majority are game developers.
According to Playtech's press release, this acquisition enhances BVI company's wholly-owned content library and value chain economics, complements its technology leadership with additional premier content capability, and provides potential for revenue synergies, new opportunities and uplift in margins for casino/games platform. In financial year 2011, Ash Gaming broadened its distribution, and will continue to expand its product offering and operator network.
Chris Ash, founder and CEO of the acquired company, said in his comments: "The strategic rationale for Ash Gaming to combine its successful content with Playtech's industry leading offering was evident from the earliest of our discussions. The ability to deliver our content through further casino, bingo, poker, retail and mobile channels will enable the combined business to grow faster and deliver a greater variety of cross channel product to the operators."
