Paddy Power has acquired CT Networks (Cayetano), a games developer headquartered on the Isle of Man.
Cayetano, which partnered with OpenBet in July, has developed a range of games for the online and mobile gaming markets, using its team of software developers and graphic designers located in Sofia, Bulgaria.
The company was acquired this month from its founding shareholders and management team, who will remain with the company. The consideration is capped and the majority of that maximum consideration is payable subject to performance over the next few years. At October 31, 2011, Cayetano had gross assets of £0.20m and net assets of £0.16m.
Patrick Kennedy, Paddy Power chief executive, commented: "Cayetano is one of the best developers of its kind in the online gaming sector and its acquisition will provide Paddy Power with a compelling range of online gaming products as well as a new internal source of gaming development expertise.
"Paddy Power has built strong in-house IT and product development capability, with our proprietary sports betting models a great example of that success. Cayetano is a natural extension of this existing capability, reflecting Paddy Power's evolving product mix."
