Gaming software provider Jackpot Digital has entered into an asset purchase agreement to acquire the PokerTek business unit from Multimedia.
The deal is worth an initial $5.4 million (€4.9 million) in cash, but this may rise to $7.5 million via an earn-out formula agreed between the two parties.
PokerTek, which manufactures electronic table games and related products, has generated approximately $3.5 million during the past 12 months.
Jackpot Digital, a subsidiary of Global Cash Access Holdings, will take ownership of all PokerTek assets, in addition to its contracts with third parties related to the business.
The deal remains subject to approval from the TXS Venture Exchange.
Jake Kalpakia, president and chief executive officer of Jackpot Digital, formerly known as Las Vegas From Home.com Entertainment Inc, said: “In addition to being located at land-based gaming venues, the electronic tables are used extensively on cruise ships where our mobile games are already played.
“By merging the company’s current proprietary gaming platform with the assets that are being acquired, the company expects to increase revenues significantly.
“Moving forward, we can build unique features and products that synergise between the electronic tables and mobile games, leading to a superior user experience and ultimately increased revenues for the company.”
source : www.igamingbusiness.com
