Foxy founders Simon Collins and Patrick Southon’s new igaming and social gaming venture, Gaming Realms, will start trading on London’s AIM stock market tomorrow morning.
The £12.1m reverse takeover of Gaming Realms, BeJig and Alchemy Bet by AIM-listed Cambridge tech company Pursuit Dynamics received shareholder approval today, along with a £3.4m share placing to help fund the acquisition and a change of name to Gaming Realms.
The company will begin trading under its new name of Gaming Realms plc from 8am tomorrow morning.
Gaming Realms was founded earlier this year by Collins, Southon, ex Cashcade chairman Michael Buckley and fellow Cashcade veteran Noel Rowse.
Social gaming business BeJig, which runs the Avatingo app on Facebook, and mobile gambling operator AlchemyBet, will be rolled into Gaming Realms as part of the transaction.
BeJig and AlchemyBet were the main investments of NewGame Capital, the VC fund advised by Collins and Southon and backed by bwin.party, which bought Collins and Southon’s previous business Cashcade – operator of the Foxy and Cheeky bingo brands – for £95.9m back in 2009.
Gaming Realms is shortly due to launch new online bingo site Bingo Godz in August or September, running on software developed by industry newcomer Bede Gaming. Bede is headed up by another Cashcade alumni, Michael Brady, working alongside Crown Bingo’s Joe Saumarez Smith (chairman) and Dan Smyth (COO).
Article written by Peter Holmes
