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June 19, 2008
Popular online bingo games and gambling software developer Playtech has posted a substantial £112 million earmarked for acquisitions due to the successful placing of 21 620 946 new ordinary shares at a price of 520p each. To make the offering, Playtech took advantage of its rising share price value in which the company’s market cap is up 40% since January. Talking about the placing, Playtech CEO Mor Weizer said: "Playtech made strong progress in 2007 with all key performance indicators exceeding targets. This progress has continued into 2008 with the company registering impressive month on month revenue growth. This performance has put the group in an ideal position to continue its growth strategy both organically and by acquisition. We have demonstrated our ability to leverage acquisitions and believe this placing will provide the group with an extremely strong balance sheet that will allow it to take advantage of further opportunities that the current market offers." Playtech has successfully added nine new licensees during 2008 and is a popular choice of software for many UK online bingo halls and online bingo operators. Playtech now has a total number of 59 licensees. Written by John Witherspoon – Come and read all about the online bingo world. BingoStreet’s online bingo news section serves the freshest info of the industry.
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