November 12, 2008

Crypto surprises industry with Boss tie-up

CryptoLogic is to merge its poker network with Boss Media's International Poker Network (IPN) from the first quarter of 2009. CryptoLogic revealed a poker tie-up was on the cards with another platform recently when it announced that it would focus on its casino licensing business, leading to widespread speculation that PartyGaming would be the partner poker network.

The migration of its poker operations and customers to the Boss Media network is expected to generate savings for CryptoLogic of between US$12m and US$15m per year. Chief executive Brian Hadfield said the deal represented “a major step in our journey back to growth, profitability and returning shareholder value”, while Atul Bali, president of Boss parent company GTech’s New Media & Sports Betting, said the deal would deliver some much-needed liquidity to the networks: “We are delighted to welcome these customers and their players to our network and significantly increase the liquidity for our new enhanced player base," he said.

CryptoLogic poker licensees, including the InterPoker and Parbet brands, are on schedule to join the IPN in early 2009, St Minver, another GTech subsidiary, will provide a fully managed customer management solution to Crypto's poker licensees.

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