FUNTech Is Buying Up The Competition

When it comes to acquisitions, Canadian public company FUNTech manager, Lorne Abony and his management team certainly don't allow the grass to grow under their feet. This can be seen by the fact that this week the company released the information that they had finalized a $23 million deal enabling them to take over WorldWinner.com, a major competitor.

Employing the SkillJam Technologies subsidiary, CEO Abony reported that he acquired its rival so as to strengthen its position in the extremely competitive and quick-growing informal skill gaming gaming market.

Every month, WorldWinner is known to award millions of dollars in the form of prizes. This reflects the large number of games played on its website which averages 350 000 games played daily and which produces yearly revenues of $10.67 million representing the 12 month period ending December 31, 2005. WorldWinner reported 14 million registered players by January 2006.

WorldWinner's products will keep on under the established brand in the short term, but there will certainly be some level of incorporation with the SkillJam property.

Company CEO Abony reports that for FUN Technologies, the acquisition of WorldWinner is a noteworthy strategic achievement. Up until now, WorldWinner was the company’s largest competitor. By consolidating the two businesses FUNTech will achieve significant operating synergies along with added efficiencies, and leverage.

President and CEO of WorldWinner, Stephen Killeen, says that the company is proud to be involved in this merger with FUN Technologies. He sees the consolidation of the two organizations as forming a global skill-gaming powerhouse.

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