Cryptologic Joins Forces With PartyGaming
CryptoLogic Limited, a leading software developer to the global Internet gaming market, announced today that it is embarking on a focused strategy centred on its highly successful Internet casino business, as exemplified by today's licensing of casino games to PartyGaming Plc.
The strategy leverages the company's fast-growing list of new customers, acknowledged leadership in casino games, and a pending partnership with one of the world's largest poker networks to achieve substantial revenue growth while reducing annual operating expenses by $12- $15 million.
"For several months, CryptoLogic has been both assessing the changing market and looking at what we do best - and the result is a clear strategy for enhanced profitability," said Brian Hadfield, CryptoLogic's President and CEO. "It's a strategy that will focus on CryptoLogic's core strengths: developing the most innovative games, licensing our acclaimed casino software to top gaming sites, and leveraging our lead in branded content by partnering with the world's top entertainment brands."
In 2008 alone, CryptoLogic has announced nine new customers, including today's major announcement with PartyGaming Plc, and has a healthy pipeline of pending opportunities.
CryptoLogic's new strategy includes:
- Casino licensing: Internet casino is by far CryptoLogic's most profitable business, and the company expects significant revenue growth from this segment in 2009. CryptoLogic will continue to sell customized casino solutions to both established and emerging gaming brands.
- New channels for CryptoLogic games: With the highest-rated casino games on the market, CryptoLogic has found attractive opportunities selling its leading games to other top brands, such as 888.com and PartyGaming. These and other large global gaming sites offer significant revenue potential for 2009 and beyond.
- Branded content: The company has been a pioneer in taking top entertainment brands - from legendary superheroes to world-famous video and casual games -- and converting them into highly popular and profitable casino products. CryptoLogic will focus and build on this expertise.
- Poker partnership: CryptoLogic is in detailed discussions with another major poker network to increase liquidity while reducing expenses substantially.
- New markets: The company will continue to develop its business and manage its recent investments and new relationships in China, Korea and Singapore to achieve long-term growth.
Boasting more than 200 games, CryptoLogic has one of the most comprehensive casino suites on the Internet today. From popular casual games such as Sudoku, Cubis, and Bejeweled to multi-bonus and multi-jackpot games featuring some of the world's most famous action and entertainment characters, CryptoLogic has earned rave reviews from industry peers and players alike. In 2008, CryptoLogic earned Gambling Online Magazine's Top Casino Software award for the third consecutive year. Based on the votes of players around the world, it is widely considered the industry's top honour.
CryptoLogic management will provide full details about the company's strategy and 2009 outlook on the occasion of the company's
