|Online gambling software provider CryptoLogic has announced that it wants to continue to expand and will use a war chest of $77.5 million for acquisitions.|
Newly appointed Chief Executive Officer Brian Hadfield was interviewed for Irish news portal Tribune.ie and stated that the company's technology has carried wagers totalling more than $50 billion since its establishment in 1995 and that its Dublin-based servers daily carry more transactions than the Tokyo stock exchange.
The 56-year-old Bolton product stated that his role was to take the originally Canada-based firm to new heights particularly in Europe and Asia and with an annual profit throughout its 13-year history he now has $77.5 million in order to make this happen.
'Our plan is to continue to expand and part of that is almost inevitably through acquisitions,' said Hadfield.
The former head of global IT giant Unisys' 9,000-strong British division stated that CrytoLogic already has three purchases ‘lined up’ and the firm, which also has offices in Toronto, Minsk, Kiev and Singapore, has just relocated to a new headquarters in Dublin.
CryptoLogic purchased Casino.co.uk ‘advertising-and-education’ online portal last year, which acts as a conduit for delivering players to the 280 games available from its licensees. Hadfield stated that this model would be followed in Asia with language the key element. CryptoLogic already has numerous multilingual products and Hadfield himself taught modern languages at schools in Kent and Surrey for over seven years before entering the business world.
'Two years ago we had a strategy of fewer large licensees and we were less aggressive,” said Hadfield.
“Now it's a very different market, a very different world, as the focus is not on the US but more on Europe and Asia and, therefore, we have adopted a more aggressive outlook and strategy.'