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News in the Asian Market

The acquisition of Octavian International Ltd by PacificNet is just one further indication that the Asian online casino gambling market is truly a hot ticket in the current internet gambling industry. Online casinos and related companies are increasingly looking for ways into the industry in addition to market dominance once they have a foothold. And nothing facilitates market dominance better than having the ability to develop and supply games without ever leaving the company.

PacificNet announced the deal with Octavian International just last week, and outlined that the company specializes in supplying online casino gaming technology and systems. Octavian is a now a 100 percent owned subsidiary of the online casino gaming provider PacificNet. Acting as a subsidiary, the online casino technology games supplier will still operate under the same name and in the same markets, but is wholly owned by PacificNet.

The acquisition also brought around some structural changes in upper level management at PacificNet. The CEO at Octavian, Harmen Brenninkmeijer, has joined the PacificNet team as an Executive director at the online casino provider. But Brenninkmeijer will actually move up within the company once Octavian has met its profit targets that were outlined in the acquisition agreement with PacificNet. Once those earn-out provisions are met, Brenninkmeijer will step up as the President of the Global Gaming Division at the online casinos technology provider.

The CEO at the online casinos technology provider, PacificNet, Tony Tong, noted that the acquisition was a step in the right direction for PacificNet. He remarks, "We are very excited at the prospect of adding Octavian's global gaming brand name and distribution channels to PacificNet's gaming strategy. The acquisition fits well within our key focus of garnering long-term, high-margin, recurring revenue contracts in emerging gaming markets worldwide and will have a synergistic effect by combining Octavian's strong global brand name and worldwide gaming distribution expertise with PacificNet's low-cost development resources in China and local Asian gaming expertise.”