Amaya Building Stake in Cryptologic Software Group
Cryptologic announced earlier this year that it is considering selling part or all of its stock and said that it had hired Deloitte to provide a strategic review of the business.
It was later revealed that Amaya Gaming, the Canadian online gambling software group, is slowly but surely building a stake in the Irish/Canadian based Cryptologic.
Amaya, which is based in Montreal, has reportedly paid over $1 million for a 5% stake in Cryptologic.
In an interview recently, the Chief Executive of Amaya, David Baazov, said that his group would continue to invest in Cryptologic.
Baazov, however, refused to confirm or deny that Amaya would bid for all the stock in Cryptologic.
He did say that Amaya would continue to monitor Cryptologic's performance in the market this year.
"Depending upon these factors, market conditions and other factors, and the status of its alternative discussions, Amaya may acquire or dispose of common shares as it deems appropriate," said Baazov.
The Toronto trading Cryptologic has been struggling to return to profit since 2009 and said earlier that it would consider the sale of some or all of its business if the right price was paid.
Sales were down to $26 million last year (a third from $39.8 million). Cryptologic undertook a cost saving programme that helped the group shave $30 million from its overheads.