Feeds

PartyGaming buys two

Don't bet against consolidation

Remote control for virtualized desktops

PartyGaming is buying Empire Online's gaming business and all of Intercontinental Online Gaming's business and assets.

Neither company accepts bets from US citizens. PartyGaming was hit hard by the US ban on internet betting which came into force in October last year. Prior to the ban more than half of PartyGaming's revenues came from US gamblers.

PartyGaming picks up several brands including NoblePoker.com, EnterCasino.com and MissBingo.com. The deal should add to profits next year.

Mitch Garber, chief executive of PartyGaming, welcomed the addition of secondary brands, strong management and the support of the agreement with Playtech. The company will issue new shares to pay for the takeover.

PartyGaming will pay Empire Online 83m shares for its assets and almost 32m shares will go to Intercontinental Online. Based on average share prices over the last two weeks this represents $66.3m. But about $13m of this total will be kept in an escrow account and released in instalments dependent on performance.

The company has also changed the way it pays its executives because of the impact of the US ban last year. Chief executive Mitch Garber and chief finance officer Martin Weigold will get their hands on share options more quickly than previously agreed. Garber gets a minimum bonus of £2m if he stays in the job until December 2007.

Empire Online and PartyGaming held merger talks before but they ended in legal action from Empire Online.

The Partygaming press release is here.

Internet Security Threat Report 2014

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
How to determine if cloud backup is right for your servers
Two key factors, technical feasibility and TCO economics, that backup and IT operations managers should consider when assessing cloud backup.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Choosing a cloud hosting partner with confidence
Download Choosing a Cloud Hosting Provider with Confidence to learn more about cloud computing - the new opportunities and new security challenges.