Gigi Levy, the chief executive of 888 Holdings has commented that the recent buyout of Cashcade by rival Party Gaming is neither “dramatically positive or dramatically negative”.
In a conference call with financial analysts to discuss 888’s second quarter metrics, Levy detailed his reasons for not going ahead with the buyout, despite 888 being the clear frontrunner initially due to the licensing of software to Cashcade through it’s Globalcom platform.
Levy said “At the end of the day everything has a price and a value for everyone and we got to the point where we weren’t sure it was the deal for us”. He confirmed the details were subject to intense scrutiny by 888 in order to ascertain whether Cashcade would be an attractive acquisition for the company.
Following industry rumour speculating the buyout would signal the end of Cashcade’s relationship with Globalcom, Levy commented that “We have no reason to believe anyone wants to go away from that contract and we have a happy customer. We think we provide good service” Citing Globalcom as one of the reasons for Cashcade’s success, Levy believed the company was a “cornerstone” for the company, adding “I would like to think they would stay with us”. Whatever the future holds, Globalcom and Cashcade still have over 2 and a half years on their current contract, so Levy will be able to rest easy for the time being.
