Shock news from the world of bingo software, Virtue Fusion has been purchased by Playtech for a reported £36 million. For Playtech this is a win win and one that can only strengthen their position in the online bingo world but for some in the bingo industry there are concerns that Playtech might lower the standard of such a prestigious online bingo software brand as Virtue Fusion. Whether unfairly or not some online bingo insiders believe that Playtech software is not of the same pedigree and are concerned that this deal may prove to be the undoing of such a quality brand.
Virtue Fusion the Jaguar of the online bingo world?
As an example of why some might be concerned by the Playtech /Virtue Fusion deal, this has been likened to luxury car maker Jaguar being purchased by Ford in 1999. In the early days there were concerns that a prestigious marque like Jaguar would be of a lesser quality by being owned and built by Ford and in the early day maybe this was the case. However the teething problems were sorted very early and the brand retained its luxury car reputation. It is hoped therefore that Playtech will use the new acquisition to raise their game using the expertise and undoubted quality of Virtue Fusion bingo software to enhance the- not to be underestimated – characteristics of the Playtech software.
Comprehensive software portfolio for online gaming clients
The agreed deal will see Playtech paying an up-front initial sum of £29 million with an earn out of £7 million subject to EBIT performance in Q1 2011. Mor Weizer , Playtech CEO said of the deal “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,” and “It reflects our ongoing commitment to provide licensees with a comprehensive portfolio of best of breed gaming products.
Virtue Fusion supply software to some big well respected online bingo names like Mecca Bingo, Ladbrokes Bingo and William Hill Bingo. Playtech themselves have some fairly influential online bingo names that are powered by their software on the BingoLand network including BingoDay and Betfred Bingo.