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Playtech secures PartyGaming deal

January 2, 2007

IT firm Playtech has secured a four-year contract providing gambling sector giant PartyGaming with its software platform, the company announced this morning.

PartyGaming revealed on Friday that it had acquired two smaller firms, Empire Online and Intercontinental Online Gaming, in return for around £66.3 million of PartyGaming shares.

As long as these acquisitions go ahead successfully, Playtech will provide the software on which these new brands will run.

"This agreement with PartyGaming is a real endorsement from the leading online gaming company and we are delighted to have established this important relationship," Avigur Zmora, Playtech's chief executive, commented.

"The fact that PartyGaming has chosen to continue operating these sites on the Playtech platform is a clear indication of the market-leading position that our software holds. We look forward to a long and successful partnership with PartyGaming," he added.

Today's announcement is the latest in a series of positive moves for the online gambling industry, which suffered a devastating blow last autumn when US politicians outlawed its biggest market.

PartyGaming's acquisitions reflect the sector's consolidation and restructuring which have seen a shifting focus to larger firms in order to maintain profitability.

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