Excapsa sells gaming software licensing business

Excapsa Software Inc. announced that it accepted a $130 million offer for all the shares of its subsidiaries Excapsa Services Inc. and Game Theory Holdings Limited. The offer comes from Blast Off Limited, a privately owned company based in Malta which was previously a licensee of the Excapsa Gaming Network.

The company had two main reasons why they chose to sell the gaming software licensing portion of the business. According to a company press release, the new hurdles facing the U.S. market were too much to overcome, and the company's leaders wanted to maximize its values for stockholders.

Blast Off Limited will pay Excapsa $10 million in cash up front with the rest of the $120 million coming in monthly installments between $1 and $2 million until the debt is paid off. It is also a provision of the sale that the money used to pay off the debt can't come from the U.S. market.

Excapsa's gaming network had included more than 60 online poker sites including UltimateBet. Now it will be completely out of the gaming software licensing business.

courtesy of Sarah Polson

News Added: 17 October, 2006

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