As many online gaming companies are finding it tough to work in the US vicinity, they are widely focusing on the European market. Cryptologic, a leading online software provider, has decided to move closer to the action and as the logical next step, they are planning to move from their home in Canada and establish their headquarters in Ireland to gain strategic flexibility. Starting in January 2007, Cryptologic will adopt London's Alternative Investment Market as its primary stock exchange while maintaining its listings on Toronto and Nasdaq markets.
The move to Ireland is seen by the company as the right thing to do as the country offers a gaming-friendly environment that enables their company to provide a wider range of marketing support and brand management services, not to mention the proximity to their own customers. Although it will cost an estimated $8.5 to make the move, Cryptologic expect to yield a significant return on the investment by positioning the company for the future.
Cryptologic reported last month that its April-June earnings were up 73 percent from a year earlier to US$8.2 million as revenue increased 52 percent to US$30.4 million.
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