Brothers sell software firm to Playtech in £15m deal
Wednesday 25 January 2012
A designer of gambling software was feeling lucky yesterday after selling his business £11m.
Geneity's managing director Will Slater has taken an offer from Playtech for the firm, which has 20 staff. He is the main beneficiary of the deal, along with several other unnamed investors.
Mr Slater's brother, Philip, is commercial director and another beneficiary. He founded the company alongside Will in 2006.
Under the terms of the deal, another £4m will be paid out later if Geneity hits certain targets. The business has revenues of around £2.3m a year.
The move was unveiled on a busy day for Playtech. The AIM-listed outfit – it intends to move to the main market shortly – announced strong, fourth-quarter earnings and two joint ventures, alongside the Geneity deal.
In the three months to 31 December, revenues were up 79 per cent to €78.4m (£65.5m).
Revenues from casino and bingo rose, while poker sales fell a little.
The Geneity takeover will help Playtech to expand in the highly competitive sports-betting market.
Diving in at the deep end is no excuse for shirking the style stakes
- 1 Stephen Fry ‘criticises Operation Yewtree in dinner party rant’ calling for tougher laws to deter false sex abuse allegations
- 2 Why I'm on the brink of burning my Israeli passport
- 3 Israel-Gaza conflict: ‘Sderot cinema’ image shows Israelis with popcorn and chairs 'cheering as missiles strike Palestinian targets'
- 4 War is war: Why I stand with Israel
- 5 Blackest is the new black: Scientists have developed a material so dark that you can't see it...
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
Emergency data law: David Cameron plots to bring back snoopers’ charter
NUT strike: David Cameron announces crackdown on strike action ahead of mass industrial action
iJobs Money & Business
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...