Playtech software group has confirmed the acquisition of Virtue Fusion, one of the leading providers of online bingo software in the industry. Playtech’s own bingo offering will receive a massive boost with the addition of the Virtue Fusion platform which currently supports some of the best brands out there, including Mecca Bingo, Paddy Power, Ladbrokes and Crown Bingo.
“We are delighted to be a part of Playtech,” said Bob McCulloch, the Chief Executive Officer of Virtue Fusion. “This deal will ensure our operators continue to benefit from the market leading VFA Bingo product and in addition can now profit from Playtech's greater international reach and access to a wider games portfolio.”
Playtech agreed to pay £36 million for the takeover deal – an initial consideration of £29 million and an addition payment of up to £7 million that should be paid to Virtue Fusion by the first quarter of 2011.
“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,” said Mor Weizer, Chief Executive Officer of Playtech. “It reflects our ongoing commitment to provide licensees with a comprehensive portfolio of best of breed gaming products.
Weizer said that Playtech believes that the acquisition of Virtue Fusion creates value for Playtech shareholders and the board anticipates that the transaction will be earnings accretive in 2010 and beyond.