Multi-platform gaming software supplier Playtech announced it has acquired the business and assets of online bingo developer and licensor Virtue Fusion.

Playtech initially will pay £29 million from existing cash resources. An additional payment of as much as £7 million is payable in Q1 2011, based on adjusted EBIT for 2010.

Founded in 1999, Virtue Fusion has peak traffic of more than 6,000 concurrent players. Aside from its core U.K. market, Virtue Fusion has a growing international presence in other European countries, with more than 20 licensees that include Mecca, William Hill, Ladbrokes, Virgin, Sky, Bet365, Paddy Power and Crown Bingo. The move makes Playtech the market leader in online bingo.

Bingo was one of the fastest growing online gaming segments in 2009. Virtue Fusion revenue rose from £8.1 million in 2008 to £12.3 million in 2009.

Mor Weizer, CEO of Playtech, said in a press release, "The acquisition places Playtech in the leading position in international online bingo markets, complementing our leading position in poker and casino and, following the Gaming Technology Solutions acquisition, as a content provider. It reflects our ongoing commitment to provide licensees with a comprehensive portfolio of best of breed gaming products."

Bob McCulloch, CEO of Virtue Fusion (Alderney) Ltd, said, "We are delighted to be a part of Playtech. This deal will ensure our operators continue to benefit from the market leading VFA Bingo product and in addition can now profit from Playtech's greater international reach and access to a wider games portfolio."

By Staff