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Online gaming firm Playtech plans flotation(The Racing Post Via Thomson Dialog NewsEdge)SOFTWARE company Playtech, whose most recent additions to the client list have included the Tote, Bet 365 and Betfred, is the latest online operation seeking a quotation on the London Stock Market. It is looking to raise pounds 175 million with a share placing on the Alternative Investment Market. News of the move, which values the company at around pounds 550 million, came as it was announced that Roger Withers has been appointed non-executive chairman. Withers, 63, is a familiar figure in racing and betting company circles. He is currently chairman of Arena Leisure and only recently stepped down as acting managing director of Bet Direct's parent company, Sportech, when former Arena chief executive Ian Penrose switched roles. Playtech, which was founded in 1999, designs, develops and licences software for the global online gaming industry and has grown from two clients in 2001 to 37 on its current books, covering online operation of 89 casinos, 16 poker rooms and 14 bingo sites. The company's original gaming offering was expanded in April last year, with a customised software package of virtual horseracing and 12 new fixed-odds arcade games, aimed at sports-betting operators. The Playtech software platform enables each application to be accessed by players through the same user account and username-password combination. Explaining the decision to go for a share placing, chief executive Avigur Zmora said: "It will raise the profile of the company and provide it with a significant platform for growth." Zmora, a chartered accountant, was appointed CEO this month. He joined Playtech in July 2002 as chief financial officer, having held a similar position with Tel Aviv-based technology company New Age Ventures. Playtech has strong connections with Asia, where business development director Thomas Hall is based, and a company statement said it would continue to focus on new developments with particular emphasis on the Far East market. |