Online gaming technology provider Amaya Gaming has announced that it will take over the US technology company Cadillac Jack Inc. Amaya will pay a total sum of $167 million for the acquisition.Major online gaming technology developer Amaya Gaming will soon take over the American software and gambling technology provider Cadillac Jack Inc. The acquisition will cost Amaya Gaming a sum of $167 million.
Cadillac Jack is a US based gaming technology provider. The most notable games the company has developed are video slots and multi-level progressive jackpot video slots. The company also developed and released several online bingo games.
The venture generated a total of $78.5 million in revenues in 2011 from which $17.8 million constituted profits. During H1 2012 the American software company has generated a sum of $39.6 million in revenues and $3.9 million in net income.
The total price that Amaya Gaming will have to pay for the acquisition is $167 million which will have to be paid in three separate payments. The first payment will have to be made right after the deal has been closed and will have to be of $147 million.
Amaya will additionally have to pay $10 million on the first and second anniversary of the deal. Amaya Gaming CEO David Baazov commented the following:
"The acquisition of Cadillac Jack is a pivotal event for Amaya. We expect that the combined companies will leverage their distribution for game content in the key areas of online, mobile and land based casinos."
"The Acquisition creates immediate scale for Amaya's operations and greatly enhances growth opportunities for both companies."
Amaya Gaming revealed that the deal is expected to be completed by the end of the year. The venture expects that the merger of the two companies will considerably boost revenues as well as income and will allow the company to explore new segments of the online gaming market.
Amaya Gaming has recently also expressed its interest in taking over the Ongame poker network run by bwin.party digital entertainment. At this moment it's not sure if the venture is still interested in the deal considering the declining revenues of the Ongame poker network and Amaya's new deal with Cadillac Jack.
Tags: Amaya Gaming, Online Gambling Software, Casino Software, Casino Games, Online Gambling Industry, Gaming Technology
Source: http://www.onlinecasinoadvice.com/news/amaya-gaming-to-take-over-us-company-cadillac-jack/
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