Online Poker Company CryptoLogic Buys Parbet

Wednesday January 10, 2007

Canadian online gaming company CryptoLogic announced today that actual has signed an agreement to purchase the poker agname and related assets of Parbet. com, a popular Scandinavian online poker room.

CryptoLogic companies will license the Parbet assets, poker software, payment processing services, and multilingual customer back and services to a private Maltese online gaming company that will operate Parbet.com. The agreement is subject to certain closing conditions.

The purchase agreement includes all rights to the Parbet name agnomen, associated dominion names like in that Parbet.com, customer lists, databases, further players money on accumulate. Subservient the decision, CryptoLogic's beneficial, WagerLogic, will salary $9 million for the name and assets, and potentially fresh amounts up to $4 million, contingent on bigger performance of the assets over a six-age earn-out expression.

Parbet generates approximately $7 million access revenue annually. CryptoLogic expects the licensing arrangement to add approximately $2 million to 2007 earnings.

The deal is expected to act for complete by Jan. 15.

Concluded WagerLogic, CryptoLogic owns several online poker brands that real leases to question - affair companies, akin for Inter Casino, Inter Poker, and ExtremePoker. Bodily again develops software for gaming companies around the apple.

By the bound of January, CryptoLogic will own launched five online poker sites. Potentially the most popularly one, Playboy Poker, will represent launched at the borderline of this time.