Cryptologic Entering Chinese Market

Cryptologic, one of the world’s leading internet gaming software developers, signed a method of understanding (MoU) with two other companies to bring its games to the Chinese market.

The three companies, Cryptologic, Brilliance Technology Co., and 568 Network Inc., will form a joint company in China. Brilliance and 568 already have strong ties to the region.

While the biggest name of the three, Cryptologic will be a minority owner initially, but at the same time, it has the right to appoint the members of the Board of Directors. It will have the option to take a controlling ownership in the position in the future.

Cryptologic’s President and CEO, Lewis Rose, said that the company will now have access to “substantial game development and IT skills uniquely suited to the Asian gaming market, and provides well-placed resources in China.” Cryptologic will port its online poker, casino, and skill-based games over to China, while Brilliance will also bring real money and play money games. Brilliance will spearhead the effort to apply for the required gaming licenses.

Cryptologic’s stock was up almost 2 percent on the news.

Originally published 6:41 PM Friday, January 19, 2007