Orbis buys Electracade for £2.6m to grow interactive gaming interests

Posted on | December 4, 2008 |

Integrated gaming and betting solutions provider Orbis has expanded its interactive gaming offering through the acquisition of UK-based games developer Electracade.

Orbis will make a cash payment of £2.6 million for the entire share capital of Electracade, with further payments conditional on the performance of the company whose clients include the likes of 888.com.

The acquisition means that Electracade with join Orbis in the Nasdaq-listed NDS Group of companies, a corporation with a market capitalisation of $2.8 bn (£1.9bn).

NDS acquired Orbis in December 2000 and was itself acquired recently by Rupert Murdoch’s News Corp and two funds managed by Primera Advisers. The company reported revenues of $182.2m (£124.6m) for the quarter ended September 30th, with a lower than expected net profit of $13.4m (£9.2m).

NDS is expected to give up its Nasdaq listing and be taken into private ownership in early 2009.