Friday, November 14, 2008

Cryptologic Migrates Poker Players to Boss Poker Network

Cryptologic announced this week that they are migrating their poker operations and players to the Boss Media poker network giving their customers access to one of the largest poker networks in the world and enablilng the company to focus more on their industry-leading casino products.

CryptoLogic Limited, a world leader in Internet gaming software, has entered into a strategic Internet poker agreement with Boss Media AB, a subsidiary of GTECH Corporation, one of the world’s leading gaming technology and services companies. CryptoLogic will merge its major poker customers with Boss Media’s International Poker Network (IPN) within the first quarter 2009. The agreement is in line with CryptoLogic’s recently announced growth strategy to focus on its highly popular branded games and its Internet casino business.

This migration of CryptoLogic’s poker operations and customers to the Boss Media network, in tandem with other actions, will help generate significant cost savings for CryptoLogic, estimated at $12 million - $15 million per year.

“CryptoLogic’s aggressive action on its new strategy, as witnessed in several recent announcements – and our new agreement with Boss Media, is a major step in our journey back to growth, profitability and returning shareholder value,” said Brian Hadfield, CryptoLogic’s President and CEO.

“This partnership provides our poker customers with access to one of the largest poker networks in the world, while helping CryptoLogic reduce costs substantially. Also, it will allow us to focus on the continued development and licensing of the Internet’s most innovative casino games, and to leverage our lead in branded content games in partnership with the world’s top entertainment brands.”

Many of CryptoLogic’s poker licensees, including highly successful brands such as InterPoker and Parbet, are scheduled to join the IPN in early 2009. These sites will continue to use CryptoLogic’s back-office services, with the IPN integrated therein. GTECH Corporation’s subsidiaries, Boss Media and St Minver, will provide a fully managed poker solution to CryptoLogic’s poker licensees.

“This agreement reflects GTECH’s strategy to optimize our assets, and to broaden and grow our international player base — and CryptoLogic is an ideal business partner,” said Atul Bali, President of GTECH’s New Media & Sports Betting Co. “CryptoLogic is widely recognized for its innovation, integrity and commitment to its customers. We are delighted to welcome these customers and their players to our network and significantly increase the liquidity for our new enhanced player base.”