Cryptologic Considers Possibility of a Sale
The Canadian software provider, Cryptologic, has released details of a strategic review and said that it would consider the possibility of a sale.
Cryptologic provides quality internet games to groups such as Betfair, Ladbrokes and Paddy Power but has, since 2009, being struggling to return to profit.
The group lost €14 million last year, and said that it would "consider a number of strategic options, including the possibility of an offer being made for the company, or a disposal of part of the business."
It is believed that no actual bid has been made, nor does the group have high expectations that it will attract any offers.
Cryptologic was founded in Canada, but moved its corporate headquarters to Ireland in 2007.
However, much of its software development operations are still based in Canada.
Cryptologic is listed on the Toronto and London stock exchanges, and the company said that its shareholders will be updated on any developments when and if it becomes necessary.
In August last year, Cryptologic started cutting costs and said this week that it had succeeded in cutting costs to $47 million - a drop of $30 million.
Cryptologic has a market value of around $15 million.