NYX Buys Ongame Poker Software from AmayaPublished November 25, 2014 by Mike P
NYX has moved into poker software development by acquiring Ongame Network from Amaya Gaming Group, a deal that has strengthened the relationship between both parties.
News has emerged from NYX Gaming Group Limited (NYX) of the completed acquisition of Ongame Network Limited from Amaya Gaming Group Inc. Announced on Monday, November 24 2014, the deal will see NYX acquire the B2B poker network. Already providing online casino, bingo, and lottery software solutions in the US and Europe, NYX can now diversify its offering to include poker.
Benefits for NYX
In explaining the acquisition, NYX CEO Matt Davey was forthcoming when he stated that “Ongame is renowned for its excellent poker products”. In addition, he considers Ongame as “one of the best poker products in the industry”. Another benefit was that Ongame has a presence in some global jurisdictions that NYX has not yet entered.
Next Step for NYX
What also became clear from Davey’s acquisition announcement was that NYX made the purchase with the intent of fuelling the company’s continued expansion in the US and Europe. Meanwhile, he felt that the deal would help to further solidify the relationship between NYX and Amaya, both of which are emerging players in the casino software development sphere.
Role of Amaya
To expand on the relationship, it can be revealed that Amaya Gaming made a recent investment in NYX. This took the form of a $10 million subscription in NYX’s unsecured convertible debenture, which is essentially medium-to-long-term debt. Interest will be generated on the debenture at a rate of 6% per annum, with NYX required to settle up in two years. At that time, Amaya can claim the interest and principal in the form of ordinary shares.
In terms of day-to-day operations, NYX controls its primary functions from its Las Vegas HQ. As for development, this is primarily undertaken at software facilities located in Sydney and Stockholm. For game development, internal development company NextGen Gaming, a specialist in slots, is key.