Cashcade Acquires Onlinebingo.co.uk and Think Bingo
Cashcade, the owner of FoxyBingo.com, has acquired Independent Technology Ventures who happens to be the owner of Think Bingo, and Bingo Scotland. In a separate move, Cashcade has also purchased Herotech Limited, which owns the leading UK bingo portal OnlineBingo.co.uk and free bingo game site Bingo4Free.co.uk.
The total consideration for the two acquisitions was £13.5 M and Cashcade will use them to further strengthen its online bingo market share.
Patrick Southon who is the Managing Director of Cashcade commented that the acquisitions made by Cashcade were important for the growth of the company. He highlighted that Think Bingo was was a pioneer in the UK bingo market as the first standalone bingo site and is to date the most established bingo brand. Cashcade hopes that it's portfolio of bingo sites, both as pay for play and affiliate portals that it will be able to service bingo player's needs in a broader way and provide a wider product selection. Cashcade prides itself in being at the forefront of this expanding UK market.
Cashcade has been active in the gaming space for over six years and in that time has been active as both a software developer and marketing organisation. Most recently the company has focused on building its own leading gaming brands such as Foxy Bingo and Getminted. Cashcade also offers a managed service solution for clients including the Daily Mirror, SMG, AT The Races and Emap.
The business is privately owned with investors including IN&M (owners of the Independent Newspaper).
Reactions to the announcement
As is expected this bit of news has caught many players and CMs by surprise. Many CMs were actually quite concerned with the news, while attempts have been made by the management of Think Bingo to reassure everyone that nothing will change and that the Think Bingo family will remain the fantastic community site it has been up to now.
It is a natural process of any acquisition or merger that change will happen in time. What the changes may be will be hard to say. Think Bingo has been one of the strongest players in the UK online bingo market so that is one thing that we still expect to remain true, and on the other hand Foxy Bingo has gone from strength to strength to become one of the major players in the market too.
The reality of acqusitions is that lesser brands can be usurped into the main brand. At the moment it is too soon to say whether this will happen but here at Bingo Power we will continue to promote and recommend these brands as we believe they are some of the best in the UK bingo market.
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