CryptoLogic in licence deal

04/11/2008 Robert Tyerman

Internet gaming software group CryptoLogic has signed Taiwan-based entertainment software concern GigaMedia as a casino licensee.

Dublin-based CryptoLogic, whose shares have plunged on disappointing results, will become the only external provider to offer casino software across GigaMedia’s popular Everest Gaming platform. The two companies have clinched the deal on the eve of the initial launch of fully listed CryptoLogic’s instant play casino, with a selection of languages, to be followed by ‘a further expanded language offering’ early next year.

Brian Hadfield, president and chief executive of CryptoLogic, argues that the company’s ‘exclusive partnership’ with GigaMedia ‘demonstrates the international appeal of our casino software – a strength on which we shall continue to focus and build’. Shares in CryptoLogic, whose profits fell 75 per cent in 2007 to £4.7 million and which lost nearly £700,000 in the second quarter of this year, plummeted from £12.68 last year to 205p in October, but have perked up since then to 275p, valuing the company at £38.3 million.

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