NetPlay goes to market
July 10, 2009
UK AIM-listed TV-and-web gaming vendor NetPlayTV is aiming to raise £12.8 million (E14.8m), to strengthen its balance sheet and finance further growth, by offering nearly 30 percent of its equity through a new share offer.
The firm bought Bingos.com, acquired Rubberduck's mobile quiz subscribers and Pitch Gaming's database, secured a Sky EPG slot and took over management of Virgin's Challenge Jackpot games site after acquiring Two Way Gaming.
The company swung to its first positive EBITDA of £2.4 million in 2008 after more than doubling revenue to £19.8 million. Now it says it's "in advanced talks with a major international betting shop chain about deploying our live games into their retail outlets". Virgin Media (NSDQ: VMED) already has secured an option to take a 9.9 percent stake in NetPlay as part of the Challenge Jackpot deal.