Playtech, the leading casino software provider, has announced that it has acquired Ash Gaming, the interactive gambling and betting games developer for an amount of £23 million.
This is Playtech’s fourth acquisition of the year and according to a statement from the casino software provider, the acquisition will provide them with substantial combined benefits which will include bigger revenue opportunities.
London based Ash Gaming was formed by Chris Ash in 2002 and currently employs forty people.
Playtech will pay an initial amount of £15.5 million for the acquisition and the balance of £7.5 million will be linked to future results and paid over a period of three years.
Ash Gaming has forty games in its portfolio and has created many popular titles which include Midas Millions, Madness House of Fun as well as the new slot machine game, the X Factor.
Playtech raised £100 million from shareholders last month prior to this latest acquisition. The group is confident that the purchase of Ash Gaming will provide it with a platform that will enable them to expand its mobile offering. Smart phones and iPads have resulted in the mobile gambling industry growing at a rapid pace and according to Mor Weizer, Playtech’s head, it is very important to have a strong presence in this market.