|CGTV Games Limited of Ireland has announced that acquisition of Chengdu Huaxin IT Ltd of Chengdu, China, is to more than double the company’s software development capacity.|
The deal was carried out through CGTV’s Australian subsidiary, CGTV Games Party Ltd, who stated that Chengdu is a hub for global information technology research and development and home to several multinationals.
The need to expand the company’s software development capability was brought on by CGTV’s acquisition of Gambling Federation Games in October of 2006. CGTV stated that it has recovered Gambling Federation’s business in Europe and Asia despite discontinuing American operations and closing the US-facing customer support facility.
To accommodate this growth, the company stated that it nearly doubled the size of its games development team and expanded its data management facility in Vancouver, Canada.
In addition, CGTV stakeholders raised more than $29 million to purchase Europe-facing gaming companies that could more than double distribution of the company’s products and strengthen its foothold in Europe. CGTV is a subsidiary of CGTV Media Group Inc of Chicago and subsequently launched several in-house casino brands including a stream of products designed for the European and Asian markets including a series of three-dimensional reel and target slots along with racing games.
In addition, it recently finalized a contract with the China Foundation for Disabled Persons to license its online lottery ticketing software and platform for use in raising lottery funds for more than 80 million handicapped persons in China.