Gambling giant Paddy Power plc has announced that it has acquired CT Networks Limited (Cayetano) for an undisclosed amount.
Cayetano, which operates from the Isle of Man is a developer of mobile and online gambling software developer. The deal's financials will be determined by the company's performance over the next several years. As part of the deal, Cayetano's founders and management team will remain in their current posts with the company.
Commenting on the deal, Paddy Power Chief Executive Patrick Kennedy said: “Cayetano is one of the best developers of its kind in the egaming sector and its acquisition will provide Paddy Power with a compelling range of online gaming products as well as a new internal source of gaming development expertise."
"Paddy Power has built strong in-house IT and product development capability, with our proprietary sports betting models a great example of that success. Cayetano is a natural extension of this existing capability, reflecting Paddy Power’s evolving product mix.”
Cayetano's Chief Executive Nick Maughan also commented, saying: “This is a great step for Cayetano and its team. We’re all excited at the prospect of being part of Paddy Power, a business whose success in this market has been built on an exceptional understanding of online customers and product trends.”