News
Cavendish advises on the sale of Cecure Gaming
11 November 2009Cavendish Corporate Finance is pleased to announce the sale of Cecure Gaming, the world's leading mobile poker technology platform, to an undisclosed buyer. The deal size has not been disclosed.
Established in 2000 and having received investment of some $20 million from a range of investors, Cecure Gaming developed and operated the best and most secure mobile poker gaming technology in the world. Notwithstanding its market leading technology, Cecure Gaming was placed into administration in 2009 as a result of a weak customer recruitment strategy in the difficult prevailing economic climate. On the back of our experience in managing disposals through time constrained competitive auction processes and with previous knowledge of the business, Cavendish was appointed by the administrators to manage the sale exercise.
The deal is particularly notable in so far as it demonstrates Cavendish's ability to identify and establish contact with buyers in what can best be described as an extremely secretive and enigmatic market.
This deal represents the third successful transaction for Cavendish Accelerated, a service established in mid-2009 to assist with the realisation of value in time-critical situations.
[Paul Herman], the Cavendish partner who led the sale, commented:
We are delighted to have been able to secure a deal for the sale of these assets in such a secretive and clandestine market. Accessing buyers and investors in the gaming market is notoriously difficult and we are delighted to have had the opportunity to meet and negotiate with many of the leading domestic and international players.
With regard to Cavendish Accelerated, I am delighted that we have completed our third deal and that we have successfully concluded our first transaction with an administrator as our client."