by Renee Israel
Ash Gaming, the Southwark based online games developer, has been purchased by
the casino software provider, Playtech, it was announced recently.
The business was founded by Chris Ash in 2002 and has gone on to become of
the fastest growing games providers to online and mobile casino platforms in the
business.
The new deal with Ash Gaming will see Playtech pay up to £23 million for the
group. Of that, £15.5 million will reportedly be paid out immediately, and it is
believed that Chris Ash, and another unnamed investor, will receive the majority
of the spoils from this payment.
The remaining balance will be paid out over a period of three years, subject
to the company's performance.
Ash Gaming is seen as a particularly smart acquisition for Playtech,
considering the online games developer saw its profits double last year to £2.6
million. In the year to April 2011, Ash Gaming's revenues were reported to be
£4.2 million.
"I am delighted we have been able to acquire Ash Gaming," said the Chief
Executive of Playtech, Mor Weizer, regarding Playtech's buying of Ash Gaming.
"They have a fantastic reputation with their licensees for delivering class
leading and innovative content along with a growing presence both in the UK and
internationally."
Ash Gaming Offers Innovative Games
Some of the innovative content referred to by Weizer include popular Ash
Gaming titles such as Madness House of Fun and Amazon Wild.
Some of the operators which offer Ash Gaming games include Virgin Casino, Sky
Bingo, Mecca Games, Betfred and Gala Casino. All in all, the group boasts 30
licensees.
Earlier this year, Ash Gaming provided Virgin Casino with one of its most
popular games, Gin Joint, a mafia-themed slot game with a 1920's look, which
offers realistic graphics, a Shootout Bonus round and plenty of ways to win big.
The group employs over 40 people and holds a Gambling Software License issued
by the UK Gambling Commission. Ash Gaming also offers other products, besides
casino games, including virtual horse racing and fixed odds games.
"The acquisition also provides greater opportunity for our existing
management team and staff to grow within a larger organisation," noted Chris
Ash.
According to a statement by Playtech, the acquisition "enhances Playtech's
wholly-owned content library and value chain economics" and "complements
Playtech's technology leadership with additional premier content capability."
It also said that the deal provided "potential for revenue synergies,
incremental opportunities and uplift in margins for casino/games platform as
well as poker and bingo side game."
