Cashcade founders to list mobile-social venture
Reverse takeover deal will see AlchemyBet, Bejig and new bingo brand comprise Gaming Realms group
Cashcade founders Patrick Southon, Simon Collins and Michael Buckley are set to list a new mobile and social gaming venture on the Alternative Investment Market (AIM), via a £12m reverse takeover of technology firm Pursuit Dynamics.
Gaming Realms plc, which names Southon as chief executive and Collins as executive director, incorporates social gaming operator BeJig, mobile developer AlchemyBet and a new mobile-focused bingo brand Bingo Godz that is due to launch in September. Former Cashcade chairman Michael Buckley has been named chairman of the new venture, which will raise £3.4m through the sale of new shares.
“It is an exciting opportunity to combine mobile, social and real-money. It’s something we have been keen on doing for a long time and we now have the resources to do so,” Collins told eGaming Review.
He said there will be a “three-pronged marketing attack” across all three brands in the second half of 2013, with AlchemyBet and Bingo Godz retaining a predominantly UK focus alongside the “global” BeJig brand.
The reverse takeover is expected to be completed on 1 August, contingent on the Pursuit Dynamics General Meeting on 31 July, according to filings seen by eGR.
Former Cashcade financial director Mark Segal will take on the same role with Gaming Realms, with Noel Rowse installed as chief operating officer, a position he held with Cashcade before the Foxy Bingo operator was acquired by bwin.party. Former bwin.party chief executive Jim Ryan is one of two non-executive directors along with former Sky International strategic advisor Mark Wilson.
“The initial strategy of the business will be to establish itself within the bingo and casino segment of the social gaming market, as well as launch real money bingo and casino games in the UK regulated market,” Buckley said in a statement.
“Over the longer term we will be looking to either acquire or develop and launch freemium and real money social and gambling games across multiple platforms,” he added.
Cashcade was acquired by PartyGaming in July 2009 for an initial £71.9m, with Southon, Collins, Rowse and Segal all taking positions with the Gibraltar-licensed operator, now known as bwin.party following its 2011 merger with bwin. Southon and Collins left to form bwin.party-backed egaming venture capital fund New Game Capital in 2011, while Rowse departed the following year.
The fund invested in BeJig and its Avatingo social bingo app later that year, while HTML5-focused mobile casino firm AlchemyBet became its second investment in June last year.