Online Casino Software Developer Cryptologic Prolongs Contract with Largest Customer
7 May 2006
Prominent online casino software developer Cryptologic Inc. recently publicized the fact that it had prolonged its current commercial agreement with its largest customer, Overseas Internet Gaming Entertainment NV (OIGE), the operator of two high-profile gaming websites, InterCasino.com and InterPoker.com. Under the deal, there will be no change to Cryptologic's royalty arrangements with OIGE until January, 2012, and OIGE will continue to use CryptoLogic's online gaming platform.
Cryptologic also announced that it would lose a smaller contract with Ritz Club London Online, the online counterpart of a well-known land-based casino in the UK, in or before October, 2006. Cryptologic's officials said that this loss would have no actual or substantial impact on the company's financial results due to the fact that Ritz's account represented less than 2% of its revenue.
Lewis Rose, CryptoLogic's President and CEO, was quoted as saying, "By reaffirming a long term relationship with our largest customer, we are following CryptoLogic's guiding principle of achieving the highest "ROE" - what we call "return on effort" - from our customers, products and projects. [...] We aim to continue to deepen our relationships with our major customers, while continuing active discussions with select new prospects that will enhance our roster of blue-chip global gaming and entertainment brands."
Source: Authorized Online Casinos News Staff
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