Playtech Buys Virtue Fusion Software

Monday February 15, 2010

The Playtech has acquired Virtue Fusion, a leading developer and licensor of online bingo products, for an initial 29m.

An earn-out of up to 7m is payable in the first quarter of 2011, based on performance in 2010.

CEO Mor Weizer said, "The acquisition places Playtech in the leading position in international online bingo markets, complementing our leading position in poker and casino and, following the GTS acquisition, as a content provider."

The deal is expected to be earnings accretive in 2010 and beyond. In the year to December 31, turnover from the acquired assets was 12.3m with adjusted EBITDA of 3.8m.