Playtech IPO Stands at $460 MillionPublished March 22, 2006 by OCR Editor
Software provider Playtech has gone public this week with a $460 million IPO out of the company's estimated value of $960 million. Playtech's move means that 46 percent of the company is now available for purchase by the public. Teddy Sagy, owner of Playt
Playtech was establish back in 1999 and quickly made its way in the online gambling software industry. The company's highly rated software is currently in use by a large scale of the major sites. The industry has grown immensely in the past few years and it has been stated to have a business cycle of $12 billion last year. Playtech software provider finished last year's cycle at a whopping $48 million profit, almost four times the profit the company has made at the end of 2003.
Life was not always sweet for Playtech as the software developer had a rough start. Being issued at the Tel Aviv stock market did not have the effect Playtech was hoping for and the numbers didn't look promising. Nevertheless owner Teddy Sagy didn't give up and gave the company a director's loan of 1 million dollars. Sagy understood the big changes that were going to happen and knew his little software company will be a huge part of those changes. Today the picture seems much brighter, and Playtech currently employs 250 people worldwide and supplies the industry with state of the art software and virtual games.