Playtech has acquired virtue Fusion, one of the industry’s leading licensors and developers of bingo products. This signifies a step forward for Playtech, as they enter the online bingo segment.
Playtech, one of the biggest providers of online gaming software, already has a strong grasp on online poker and online casino games. However, they were not yet a major player in the field of online bingo. Now, with their latest acquisition, Playtech is entering the online bingo world with a strong foot forward. Virtue Fusion offers the online gaming world some of the biggest bingo prizes. They also specialize in other games including scratch cards and slot machines, which allow bingo sites to generate revenue in addition to their bingo revenue.
What does the acquisition mean for Playtech and Virtue Fusion? For starters, Playtech will be able to offer Virtue Fusion’s bingo products to their current licensees, as well as offer all existing and new licensees with higher jackpots and additional games. Playtech’s sophisticated information management system will also be integrated into Virtue Fusion’s products in order to improve them with the addition of features such as player management tools.
Playtech’s first payment to Virtue Fusion consisted of £29 million. In the first quarter of next year, 2011, an additional payment worth £7 will be paid, based upon the company’s profit performance in 2010. Although Playtech has acquired Virtue Fusion, the key employees as well as the founders of the bingo development company will continue to work with the business for at least the next two years.
