The change of ownership at Swedish online gambling software provider Boss Media was perhaps reflected in the presentation of Q1 2008 results this week, which included the announcement by CEO Michael Hallen of his successor – GTECH's Rahul Parekh.
A company announcement noted that Hallén is handing over Boss Media in "…a great shape with increasing net sales, royalty revenues and operating profits."
Having successfully achieved the main business plan objectives for 2008, Hallén is formally handing over to Parekh as of the next Board Meeting on 13 May.
Jan Stocklassa, the Chairman of Boss Media Board of Directors praised Hallen, commenting: "Michael has been a great leader and made significant achievements for Boss Media. We strongly regret to see him leave".
Being integrated with the leading gaming technology and services company GTECH and part of a larger family brings many opportunities for the customers and employees of Boss Media, a statement from the company asserts. "Our clients will benefit from a larger product portfolio and a stronger international presence; there will also evolve more opportunities for our employees."
On 27 February 2008 Boss Media was acquired by GEMed, in which GTECH holds a majority of voting shares of approximately 87,5 percent (see previous InfoPowa report). Boss Media is now part of GTECH's New Media and Sports Betting Business together with Finsoft Ltd and St Minver Ltd.
New CEO Rahul Parekh is currently leading this division in Asia as well as Strategy for China and India. Previously he has managed the Lottomatica-GTECH group Corporate Development in Asia and holds a MBA (International Finance).
Commenting on his appointment, Parekh said: "I am excited to take this new challenge on. Our business plan and objectives to continue integrating Boss Media into GTECH and the new division remain".
During the 1Q company review Hallén summarizes his management period at Boss Media: "I have enjoyed working at Boss Media from day one. I leave Boss Media very proud of what we have achieved together. As I see it GTECH brings stability, growth, internationalization and new significant opportunities to Boss Media".
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