Playtech, the popular online bingo software developer has earmarked the phenomenal amount of ₤112 million for new acquisitions. They managed to raise this money by floating 21 620 946 new ordinary shares onto the stock market at a price of 52p each. The fact that the shares were snatched up and the company raised so much money with the sale of these shares indicates that there is a great deal of investor confidence in Playtech.

The Chief Executive Officer of Playtech, Mot Weizer said that Playtech had made good progress in 2007 and all key performance areas were in excess of set targets. The growth in 2007 had continued into 2008 and the company has registered impressive month by month growth.

It is my opinion that this has to be due to online bingo being so popular with both players and new operators and is indicative of the growth of the game. Anyway, now the company is set to continue with its strategic growth strategy and this will be carried our by means of organic growth as well as new acquisitions. During 2008, Platech has already successfully acquired nine new licensees for online bingo and gaming operations, and they have the money now to take advantage of any further opportunities that the market offers them. Playtech currently has a portfolio of fifty nine licensees.

Tags: Online Bingo, online bingo software