MORE LICENSEES FOR CRYPTOLOGIC?
22 February 2008
Significant strategic change in motion
Justin Thouin, the Vice President of Product Management
and Business Development at CryptoLogic Inc., made some
startling revelations on new directions for the industry
software development veteran this week. In an interview
with eGaming Review, Thouin revealed that his company
has re-aligned its business model and is actively
seeking new licensees following continued difficulties
as a result of the Unlawful Internet Gambling
Enforcement Act.
Last year Cryptologic left its Canadian homeland and
moved to Dublin in Ireland, closer to the European
markets it had been assiduously cultivating for several
years.
Thouin says the new strategy is a marked change prompted
by the need to boost share values. “Cryptologic sees its
share price as undervalued, and consequently it views an
expansion strategy as vital in going forward," he told
EGR. "Essentially, Cryptologic is undergoing a very big
change.”
Cryptologic had hitherto been content to "stick to its
existing licensees” but had suffered a “knock back”
following the change in US legislation, he said. The
UIGEA prohibits US financial transactions with online
gambling companies, and caused a number of major
companies to withdraw from the lucrative American market
(see previous InfoPowa reports).
"If we want to grow, we need to change the business
model," Thouin commented. "We are going to go after new
licensees in a way we have not done for years. We are
going to look at acquisions; we already made some
acquisitions in the past year with Parbet.”
Online Casino News courtesy of
InfoPowa
More news here.
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