888 bingo exec and former Globalcom MD quits for rival
One of 888's top bingo executives is to leave the company, the second major blow to the 888 executive line-up this summer.
Sims is the former managing director of Globalcom, the bingo software business 888 bought for US$34.2m in 2007, which operates under the Dragonfish brand. He was responsible for integration of the Globalcom business into 888, as well as for initiatves including the launch of 888Ladies, and has finished a two-year contract that began with the Globalcom sale in 2007.
His departure follows that of 888 vice president of brand marketing Matt Robinson, who quit 888 in May to head PartyGaming’s London marketing operations.
The news comes just two weeks ago Globalcom’s main client, Cashcade, the owner of bingo brands including Cheeky Bingo, Foxy Bingo and Think Bingo, was sold to rival gaming giant PartyGaming £71.9m in cash with an additional payment of up to £24m dependent on Cashcade’s future performance.
Cashcade is 888’s biggest licensee on its Globalcom bingo software platform, although 888 said it was not worried about the company being brought into the PartyGaming fold because of a binding contract which will keep Cashcade on Globalcom for at least the next two years.
888 chief executive Gigi Levy last month told EGRmagazine.com that 888 would not be buying Cashcade, saying the company “didn’t want to pay the price they were asking for. 888 is interested in Cashcade but there are other companies that are more interested in it and are willing to pay more for it.”
Dragonfish recently reported 43% growth in operating income in its half-year results, helping to cushion 888 from a drop in business-to-consumer operating income of 21% in the same period, to level out at overall business income down 13%.