CRYPTOLOGIC AND BOSS MEDIA TO PARTNER UP

14 November 2008

Online poker operations of two major firms to combine

 

The Dublin-based online poker software and network provider Cryptologic has announced that it has entered into a strategic Internet poker agreement with Swedish online poker provider Boss Media AB, and will merge its major poker licensees with Boss Media's International Poker Network (IPN) within the first quarter 2009.

The agreement sees Crypto increasingly distancing itself from online poker and is in line with firm's recent decision to focus on its highly popular branded games and its Internet casino business. A company spokesman said that this migration of CryptoLogic's poker operations and customers to the Boss Media network, in tandem with other actions, will help generate significant cost savings for CryptoLogic, estimated at $12 million - $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, CryptoLogic's President and CEO.

"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."

Many of CryptoLogic's poker licensees, including highly successful brands such as InterPoker and Parbet, are scheduled to join the IPN in early 2009. These sites will continue to use CryptoLogic's back-office services, with the IPN integrated therein. GTECH Corporation's subsidiaries, Boss Media and St Minver, will provide a fully managed poker solution to CryptoLogic's poker licensees.

"This agreement reflects GTECH's strategy to optimize our assets, and to broaden and grow our international player base - and CryptoLogic is an ideal business partner," said Atul Bali, President of GTECH's New Media & Sports Betting Co.