Wednesday, November 16, 2011 : A natural extension to evolving product mix
Paddy Power plc has acquired Bulgarian games developer CT Networks Limited (Cayetano) for an undisclosed "capped" consideration that will be determined primarily by the firm’s performance over the next few years.
Cayetano, headquartered in the Isle of Man, specialises in games development for the online and mobile gaming markets utilising its Bulgarian-situated team of software developers and designers.
Patrick Kennedy, chief executive, Paddy Power plc, said: “Cayetano is one of the best developers of its kind in the egaming sector and its acquisition will provide Paddy Power with a compelling range of online gaming products as well as a new internal source of gaming development expertise.
"Paddy Power has built strong in-house IT and product development capability, with our proprietary sports betting models a great example of that success. Cayetano is a natural extension of this existing capability, reflecting Paddy Power’s evolving product mix.”
Nick Maughan, chief executive officer, Cayetano, added: “This is a great step for Cayetano and its team. We’re all excited at the prospect of being part of Paddy Power, a business whose success in this market has been built on an exceptional understanding of online customers and product trends.”
Cayetano’s founding shareholders and management team will remain with the company.