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JAN

Online Bingo Software Giant Cashcade Shares to be Sold

Written by: Nikola Zugic on 28/01/2009 13:00

IMM, the Irish Independent News and Media Group, is apparently struggling to keep its head above water under the present economic climate. To this end they are thinking about selling their majority shareholding in the online bingo software giant Cashcade. Cashcade provides online bingo software for many of the most popular UK online bingo sites, such as Foxy Bingo, Think Bingo, and Bingo Scotland. However Cahscade have gone from strength to strength with these online bingo sites as part of their portfolio of operations, and in recent figures released, these sites corner as much as 27% of the UK online bingo market.

Cashcade was launched in 2000, they are an online gaming marketing company, who develop their own software for online bingo sites. They also operate the casino brand Getminted and have recently started an online bingo portal.

IMM is presently desperate for cash flow as an imminent bond repayment of €200 million falls due. Last week the share price of this giant holding company fell dramatically but these prices have fortunately recovered by as much as 40%. Should IMM place the shares of Cashcade on the market, because of their great success and the present boom in the online bingo industry the shares should reach a price of approximately £100 million.

Both 888.com (of 888 Ladies Bingo fame) and IGT are apparently considering this investment. Of course it is only a rumour at this stage, but both of these companies do provide software development to Cashcade and the purchase of these shares would more than likely be a marriage made in heaven. 888.com have announced that they will be launching three new online bingo sites during 2009, so an investment of this value could be worth its weight in gold.

Categorised Under: Bingo News,
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