CryptoLogic to focus on internet casino business
20 October 2008
CryptoLogic, the company that makes software for the international gaming industry, is embarking on a focused strategy centred on its highly successful internet casino business. The news comes as the company announced the licensing of some of its top branded casino games to PartyGaming plc.
CryptoLogic said its new strategy would leverage its fast-growing list of new customers, including a pending partnership with one of the world’s largest poker networks, to achieve “substantial revenue growth” while reducing annual operating expenses by $12- $15 million.
President and chief executive, Brian Hadfield, said the strategy would “focus on CryptoLogic’s core strengths: developing the most innovative games, licensing our acclaimed casino software to top gaming sites, and leveraging our lead in branded content by partnering with the world’s top entertainment brands.”
Elsewhere, the company announced a five-year licensing agreement with PartyGaming, one of the world’s largest online gaming operators. The deal will see CryptoLogic initially provide a suite of its top branded casino games, which have proven very successful with players and licensees alike. The company expects the games to be launched in the first quarter of 2009, adding significantly to next year’s revenue.
Under the deal, PartyGaming will have the option to add any other CryptoLogic-powered casino games in the future.
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