Funtech - Buying The Competition
Published: Tuesday, March 21, 2006 Online-Casinos.com
FUNTECH - BUYING THE COMPETITION
FUNTech on the acquisition trail once again
Lorne Abony and his management team at Canadian public company FUNTech certainly don't let the grass grow under their feet when it comes to acquisitions, and this week released the news that they had clinched a $23 million deal to take over a major competitor, WorldWinner.com
Using the SkillJam Technologies subsidiary, CEO Abony says he acquired its rival in order to strengthen positioning in the highly competitive and fast-growing casual skill gaming gaming market.
WorldWinner awards millions of dollars in prizes every month and an average of 350 000 games are played on WorldWinner daily producing yearly revenue of $10.67 million for the 12 months ending December 31, 2005. In January 2006, WorldWinner reported 14 million registered players.
In the short term WorldWinner's products will continue under the established brand but there will inevitably be some level of integration with the SkillJam property.
Abony said, "The acquisition of WorldWinner is a significant strategic achievement for FUN Technologies. WorldWinner was until now our largest competitor and by consolidating the two businesses we will achieve significant operating efficiencies, leverage and synergies."
Stephen Killeen, the President and CEO of WorldWinner commented, "We are proud to be a part of this merger with FUN Technologies. The consolidation of the two organizations will result in a global skill-gaming powerhouse."
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