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Gambling Software Provider Transfers Headquarters
28 Sep 2006
Crypto Logic, a leading Internet gambling software provider, moved its headquarters to Ireland from Toronto. The gambling company did this to, in its words, gain 'strategic flexibility'. According to the company, family development personnel will remain in Canada and the president and CEO, Lewis Rose, will resign, claiming family reasons that render him unable to move to Ireland.
'Crypto Logic's business is increasingly centered in Europe, and establishing our organization in that market is the logical next step to support our international growth plans. For Crypto Logic, this is about being closer to our customers and to the world's most thriving Internet gaming markets,' said Rose. His statement also illustrated Ireland's gambling environment which is popular and allows the gambling company to provide a wide array of marketing support and brand management services. One-time costs of the reorganization and head-office move are estimated at US 8 million dollars to US 8.5 million, and the company said there will be added operation and staff costs of US 2.5 million to US 3 million dollars annually.
The gambling software provider already has its electronic cash processing system in Ireland, which is recognized as an alluring entrance to the Internet gambling in Europe, with state-of-the-art graphics, technology, and infrastructure. Rose is to remain as president and CEO into 2007 to help implement an orderly transition until a new Ireland-based CEO takes over the gambling software company.
