CryptoLogic Limited, the Dublin-based online casino software developer, has announced that it will begin merging its major poker customers into Boss Media AB’s International Poker Network beginning early next year.
The Irish firm stated that the terms of the five-year strategic Internet poker agreement would see the amalgamation begin over the first quarter of 2009 in line with its growth strategy of focussing on its branded games and online casino business. It revealed that the migration, in tandem with other actions, would help to generate significant savings that could rise to as high as $15 million per year.
“CryptoLogic’s aggressive action on its new strategy, as witnessed in several recent announcements, and our new agreement with Boss Media, is a major step in our journey back to growth, profitability and returning shareholder value,” said Brian Hadfield, President and Chief Executive Officer for CryptoLogic.
“This partnership provides our poker customers with access to one of the largest poker networks in the world while helping CryptoLogic reduce costs substantially. Also, it will allow us to focus on the continued development and licensing of the Internet’s most innovative casino games and to leverage our lead in branded content games in partnership with the world’s top entertainment brands.”
Boss Media is a subsidiary of America’s GTech Corporation, one of the world’s leading gaming technology and services companies, which is itself a division of Lottomatica, the Italian commercial lottery operator.
CryptoLogic stated that its poker licensees, including brands such as InterPoker and Parbet, would join the International Poker Network early in 2009 while continuing to benefit from its own back-office services.
“This agreement reflects GTech’s strategy to optimise our assets and to broaden and grow our international player base,” said Atul Bali, President for GTech’s New Media and Sports Betting Company.