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).