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Sale Details for Online Casino Software

Speculation earlier in the year concerning GigaMedia’s intent to sell part of the business have proven true this week as the online casino gambling group announced that the company is in the process of finalizing the sale of 60 percent of the company’s interestes to Mangus Gaming, a very prominent software development company. Mangus Gaming is a profitable and well known software company that has long had strong expansion plans for the global gambling market. Mangas handles the development and distribution of high quality software to online casinos and other internet gambling companies and with a 60 percent interest in GigaMedia gaming sites like Everest Poker and others, the new combined interests will have a clear strength in the marketplace.

GigaMedia was particularly pleased with the joint ability of these two online casino gambling groups to now create a highly competitive software platform that can dominate niche sectors of the gaming market. Mangas paid out an initial $100 million USD in cash to GigaMedia for such a large share in the Hong Kong based internet gambling group. That sum is just a part of the deal however, as there are also further performance based targets and payments that will be made across the next several years.

The final part of the agreement concerns the future of the GigaMedia online casino gambling brand. Although Mangas Gaming now controls a huge portion of the company, GigaMedia still holds the other 40 percent stake and will maintain that share until 2013, at which time there is an option for GigaMedia to sell the remaining shares to Mangas.