PartyGaming buys Cashcade

PartyGaming has acquired local rival Cashcade for up to £95.9 million.

PartyGaming has acquired local rival Cashcade for up to £95.9 million.

London-based Cashcade owns a range of online bingo websites including Foxy Bingo, Think Bingo and casino sites such as GetMinted and Foxy Flutter. In 2008, Cashcade generated a turnover of £44.9 million and pre-tax profits of £12.2 million.

Jim Ryan, PartyGaming CEO, said: ‘Cashcade provides us with an excellent platform to build a meaningful share of the $1.5 billion global online bingo market. Our M&A objective is to acquire companies that can put us into a top three position in each of our four product verticals… Our longer-term strategic objective is to become the market-leader in online poker, casino, sports and bingo.’

In the first three months of 2009, PartyGaming reported an increase in revenues of two per cent from the previous quarter to $100.1 million (£60.8 million).

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary... More by Nick Britton