Playtech Buys Virtue Fusion Bingo Platform - 02-16-10

February 16 - Virtue Fusion, the leading online bingo developer, has been acquired by software giant, Playtech, it was announced yesterday.

Playtech reportedly paid £36 million for the takeover - an initial £29 million and up to £7 million more, payable in the first quarter of 2011 and based on Virtue Fusion's performance.

The Chief Executive Officer of Playtech, 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."

Weizer said that the acquisition reflects Playtech's ongoing commitment to provide licensees with a comprehensive portfolio of best of breed gaming products.

Virtue Fusion has over 20 UK based licensees, including top brands such as Mecca Bingo, Bet365, William and Paddy Power.

The Chief Executive Officer of Virtue Fusion, Bob McCulloch said: "We are delighted to be 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."

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