|Online gaming technology provider PacificNet Inc has announced its intention to acquire Octavian International Ltd, a global supplier of gaming technology, solutions and systems.|
China-based PacificNet signed a definitive agreement this week and stated that it is undertaking due diligence on the sale, which is expected to be completed during the first quarter of next year.
The acquisition is expected to increase PacificNet's overall gaming revenues and profits and will see Harmen Brenninkmeijer, Chief Executive Officer for Octavian, join its board as an Executive Director while also continuing to head up the new Octavian subsidiary. Upon completion of the earn-out provisions and profit targets defined in the acquisition agreement, Brenninkmeijer will become President of PacificNet's Global Gaming Division.
'We are very excited at the prospect of adding Octavian's global gaming brand name and distribution channels to PacificNet's gaming strategy,” said Tony Tong, Chief Executive Officer for PacificNet.
'The acquisition fits well within our key focus of garnering long-term, high-margin, recurring revenue contracts in emerging gaming markets worldwide and will have a synergistic effect by combining Octavian's strong global brand name and worldwide gaming distribution expertise with PacificNet's low-cost development resources in China and local Asian gaming expertise. We are confident that Octavian's product portfolio and global growth strategy is an extremely good fit with PacificNet's.'
'We are very excited about working with Octavian,' said Victor Tong, President of PacificNet.
'Octavian's experienced creative development teams are able to create proven games that are tailored to individual jurisdictions and are highly cost-effective.'