Paddy Power buys Cayetano
Founders of Isle of Man-headquartered developer will remain part of the company following the deal.
Paddy Power has announced the acquisition of Isle of Man-headquartered software developer Cayetano Gaming for an undisclosed amount.
The founding members of the Bulgarian company, which received a software supplier certificate from the Alderney Gambling Control Commission in July, will remain on board.
Cayetano already had an agreement in place to supply Paddy Power with a selection of its slots and table games, and will now lend its mobile and online expertise to the Irish firm, whose chief operating officer Breon Corcoran last week announced that he would be joining Betfair.
The supplier also agreed a licensing deal with Sky Vegas in August this year, and is reported to have gross assets of £0.20m and net assets of £0.16m as of the end of last month.
Paddy Power CEO Patrick Kennedy (pictured) said: “Paddy Power has built strong in-house IT and product development capability, with our proprietary sports betting models a great example of that success. Cayetano is a natural extension of this existing capability, reflecting Paddy Power’s evolving product mix.”