January 31, 2007
Digital Media and Media
Parbet sold to CryptoLogic
Parbet, the popular Scandinavian online poker room, has been sold to gambling software company CryptoLogic
Gambling software company CryptoLogic Inc. has agreed to pay up to CAD 20m for the poker brand and related assets of Parbet.com, the popular Scandinavian online poker room.
CryptoLogic companies will license the Parbet assets, poker software, payment processing services, multilingual customer support and services to a private Maltese online gaming company that will operate Parbet.com.
The Parbet assets currently generate about USD 7m in revenue annually, and CryptoLogic expects the licensing arrangement to add about CAD 2m to 2007 profit.
GCA Altium acted as financial advisor to the sellers.