PartyGaming to use Cashcade for ambitious bingo plan
Posted by Sarah Banks on 27 Jul 2009 at 09:07
PartyGaming has said it hopes to use its purchase of Cashcade as a "platform" to make a push in the global internet bingo sector.
The online gaming specialist has sealed a deal worth as much as £95.9 million for the firm, with £24 million depending on the future success of the new acquisition.
Cashcade is the owner of the Foxy Bingo site, plus others including GetMinted and Think Bingo.
Quoted by Share Cast, Jim Ryan, chief executive of PartyGaming, said: "Cashcade provides us with an excellent platform to build a meaningful share of the $1.5 billion global online bingo market. Our mergers and acquisitions objective is to acquire companies that can put us into a top three position in each of our four product verticals and deliver substantial revenue and cost synergies."
