Software tycoon sells for £11 million

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Geneity managing director Will Slater has taken an offer from Playtech for the firm, which has 20 staff. He is the main beneficiary of the deal, along with several other unnamed investors.

Slater's brother, Philip, is commercial director and another beneficiary. He founded the company alongside Will in 2006.

Under the terms of the deal, another £4 million will be paid out later if Geneity hits certain targets.

The business has revenues of around £2.3 million a year on which it turns a small profit.

The move was unveiled on a busy day for Playtech.

The AIM-listed outfit - it intends to move to the main market shortly - announced strong, fourth-quarter earnings and two joint ventures, alongside the Geneity deal.

In the three months to December 31, revenues were up 79% to 78.4 million (£65.5 million).

Revenues from casino and bingo rose, while poker sales fell a little.

The Geneity takeover will help Playtech to expand in the sports-betting market, an increasingly competitive field.

The joint ventures are with Gauselmann of Germany and Peermont of South Africa.

Playtech is positioning itself for an expected opening-up of European gambling markets.

Regulation giving legal legitimacy to online gaming is under discussion in several countries.
The company's shares slipped 12.75p to 300.25p.