Playtech look toward backing new ventures
Playtech are well known throughout the gaming industry as being pioneers and trendsetters; it appears as though the popular software development are showing no sign of shedding that reputation...
Playtech have set the online gaming world aflutter with their latest announcement of their intention to raise a whopping £100 million; the new funds will be utilised by Playtech in order to take on new investments – the new funds will also be used to investigate potential mergers and acquisitions for the gaming software giant.
The news comes following the company's announcement in August, in which they informed their investors and the gaming industry that they would be investigating several potential strategic opportunities for the near future. It now seems as though those potential opportunities have now been identified; Playtech have announced that now is the time to take full advantage of the opportunities that have been researched.
A spokesman for Playtech has commented that the new found opportunities are designed to compliment and expand the company's current offerings. Playtech insist that they 'must strike while the iron is hot', as there is a brief window for such investment opportunities – Playtech will be aiming partner up with other companies that have established and solid brands, in order to cement both of their reputations in the gaming industry.
In order to form this new group for the company, Playtech will be rolling out a new investment and shareholder scheme; this scheme has been backed by founder of Playtech, Tedy Sagi, who has also increased his investment in shares in the company.
“Our view is that the fundraising highlights the likelihood of imminent deals in the form of joint ventures and bolt-on acquisitions. Playtech has an excellent acquisition track record,” commented an industry analyst.
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