Online software provider CryptoLogic is pursuing the current gaming industry shift toward growth markets in Asia after signing an agreement with Brilliance Technology and 568 Network this week.
The company inked a memorandum of understanding with Brilliance, a Bejing-based software supplier, and 568, a gaming design, distribution and publishing firm, it announced today.
Together, the companies will create a new business in China to break into emerging markets in Macau, Taiwan and Hong Kong. The new entity will adapt CryptoLogic's online poker and casino games to suit players in the region.
CryptoLogic will have a minority interest in the new company, with the right to appoint all members of its new board and the option to increase its investment to a controlling position.
This is the first step in executing the company's cornerstone strategies of expanding into Asia, CryptoLogic CEO Lewis Rose said in a release.
"The agreement brings to CryptoLogic substantial game development and IT skills uniquely suited to the Asian gaming market, and provides well-placed resources in China to guarantee that our first steps are successful ones," he said.
Brilliance has already established itself in China and has received certifications from the country for its software development and systems integration, as well as its payment processing system.
"There is a huge appetite for online gaming throughout Asia and this is the right group to penetrate the market quickly, deeply and legitimately," Brilliance Technology chairman aid Mr. Li Fu Hua said.
Ontario-based 568 Network also has an existing division in China which is now creating card games for the regional market.
"Our software engineering expertise in Shanghai and our existing Asian game roster, combined with Brilliance's IT leadership position in China and CryptoLogic's unmatched casino and poker game suite will give this partnership a decisive leadership edge in Asia," said William Cheng, the company's vice president of Chinese operations.