|
CEO Noam Lanir: We've
achieved a strategic goal to diversify our technology provider base.
Online gambling site
operator Empire Online today announced that it has agreed to acquire the
business and assets of Club Dice, together with club Dice's customer
database. Empire Online Poker will also purchase the intellectual
property and brand of Noble Poker. The total consideration for the two
platforms is expected to be approximately $40 million in cash.
Empire Online CEO Noam Lanir
said the two platforms operate some of the most highly regarded casino
software in the industry, adding, "In Club Dice and Noble Poker we have
bought running businesses which achieve a strategic objective of
diversifying our base of technology providers.”
Established in 2001, Club
Dice comprises three casino brands (Club Dice Casino, MonacoGold Casino,
Carnival Casino), and one bingo brand (YouBingo).
The Club Dice database
currently comprises over 70,000 registered real money customers.
Empire Online stated should
the Club Dice acquisition takes place, the net income multiple paid for
the acquisition would represent a significant discount to Empire
Online’s current price to earnings ratio.
Both Club Dice and Noble
Poker utilize Playtech Ltd. software under license. The acquisition
comprises the player database, certain intellectual property, and a
license to operate Playtech software across the four Club Dice
platforms.
Noble Poker, is the largest
poker operator on Playtech's iPoker network. Empire Online will operate
the marketing of Noble Poker.
Empire Online believes that
the acquisition of Club Dice and Noble Poker will enhance Empire
Online's product offering and diversify the company’s technology
providers, as well as give the company greater control of its casino
product offering through ownership of a gaming license.
Empire Online
anticipates that the re-launch of Noble Texas Holdem Poker, along with
the investment in Empire Online’s backgammon platform, 65.com, will
incur costs in the short term, but expect the company’s new platforms to
enhance earnings within twelve months. |
