|The Canadian gambling software developer CryptoLogic has confirmed that it is to acquire the brand and assets of Scandinavian online poker room Parbet.com for around €9 million.|
The company confirmed that it will purchase the poker brand and its related assets and reportedly go on to license Parbet assets, poker software, payment processing and multi-lingual customer support services to a private Maltese online gaming company which will take over operation of Parbet.com.
The sale will include rights to the Parbet brand name, associated domain names such as Parbet.com, customer lists, databases and players’ cash in deposits.
As part of the agreement, CryptoLogic's subsidiary, WagerLogic, will pay €9 million for the brand and assets, with the potential to add amounts up to €4million, dependent on the enhanced performance of the company’s assets over the next six months.
Parbet’s current performance is said to generate approximately $7 million in revenue annually.
CryptoLogic said it expects the licensing arrangement to add approximately $2 million to its 2007 earnings.
The company handover is set to complete by January 15.