|Posted by Robert Dowling on July 11, 2013 at 3:40 PM|
Online gambling software specialist Playtech has announced the bolt-on acquisition of poker-dedicated website PokerStrategy.com for €38.3m ($49.8m) from etruvian Holdings. The takeover will be funded by Playtech’s existing cash reserves. Profit before tax last year at PokerStrategy.com, one of the largest online poker schools and player community, and some of the acquired subsidiaries, was €19.5m, and the group had gross assets of about €18.5m. PokerStrategy.com co-founders Dominik Kofert and Enrique Guzman will stay on at the acquired business on a consultancy basis. “The directors believe the acquisition is complementary to both Playtech’s PTTS marketing division and its overall poker offering, further strengthening Playtech's leading position in poker and providing a community-based model for player acquisition, which is attractive to both social and real-money players in existing and soon to be regulated markets,” Playtech said. “The acquisition will allow Playtech to further diversify its business by providing licensees with access to the world’s largest independent poker community with over six million members, thereby cementing existing relationships and creating incremental opportunities for both software and PTTS marketing. “Given the combination of cost and revenue synergies, the acquisition is earnings enhancing."
Source: iGaming Business