Crypto appoints Deloitte for possible sale
Deloitte will carry out a strategic review of Cryptologic's business, and the developer is not ruling out offers being made for the company.
Cryptologic has enlisted the help of financial advisory and consulting firm Deloitte to carry out a strategic review of its business and could soon be sold, the software provider announced this morning.
The news follows months of restructuring since chief executive Brian Hadfield resigned in the light of eight-figure net losses.
A statement on the company’s site revealed that “This review is at an early stage and will consider a number of strategic options, including the possibility of an offer being made for the Company or a disposal of part of the business.
“The board wishes to stress that there can be no certainty that any offer will be forthcoming.”
Cryptologic released its Q4 and full-year figures for 2010 earlier this week, with net losses down 42.5% year-on-year.
A significant restructuring procedure was carried out after the departure of Hadfield, with the process overseen by new CEO David Gavagan, with costs cut as a consequence. The majority of Cryptologic’s operations in Cyprus and the UK have been consolidated into Malta, while the company’s headcount has fallen considerably in the last few months.
Following the announcement of the relationship with Deloitte, the official statement explains that “The Board will update shareholders as soon as it is appropriate to do so.”