Major Online Casino Software Deal Goes Through23 Nov 2006 Play Tech, a leading online casino software development company, has recently landed a deal which is being described as a landmark for the company. The online casino software giant has purchased part of rival poker software provider, Tribeca Tables for a whopping US 75 million dollars. A number of online casinos sites which are currently operating on Tribeca’s software platform, come with the deal.‘On the basis that the company (Tribeca) will generate about US 16 million dollars over the coming year from the migration date, the consideration to be paid for Tribeca will be US 75 million dollars. The maximum consideration that the company will be liable to pay is US 139 million dollars, which will be paid in the event that the revenue generated from this acquisition exceeds US 29 million dollars over the coming year from the migration date,’ said the online casino software company in a statement. This deal was in tune with the line of strategy taken by the online casino software giant of extending its global reach. In the world of online casino companies, these buyouts are becoming more and more common. As with all major markets and industries, mergers and business transactions are part of the day-to-day life. Play Tech has definite benefited from this recent purchase and will continue to do so as this investment will help the company achieve yet another aspect of its growth plan. |
