Cecure Gaming / Undisclosed
Cavendish Corporate Finance is pleased to announce the sale of Cecure Gaming, the world’s leading mobile poker technology platform, to an undisclosed buyer. The deal size has not been disclosed.
Established in 2000 and having received investment of some $20 million from a range of investors, Cecure Gaming developed and operated the best and most secure mobile poker gaming technology in the world. Notwithstanding its market leading technology, Cecure Gaming was placed into administration in 2009 as a result of a weak customer recruitment strategy in the difficult prevailing economic climate. On the back of our experience in managing disposals through time constrained competitive auction processes and with previous knowledge of the business, Cavendish was appointed by the administrators to manage the sale exercise.
The deal is particularly notable in so far as it demonstrates Cavendish’s ability to identify and establish contact with buyers in what can best be described as an extremely secretive and enigmatic market.
This deal represents the third successful transaction for Cavendish Accelerated, a service established in mid-2009 to assist with the realisation of value in time-critical situations.
“Given the financial strength of iomart, lender appetite levels in participating in the debt facility were high. However, this was the first time that a bank club was established and our incumbent lender was potentially being replaced. Therefore, we needed support in ensuring we ran a diligent and professional process and this is exactly what the finnCap Debt Advisory team delivered. I was delighted with the outcome in terms of the new lenders and banking arrangements, which underpins our growth plans for the business.”
“We are delighted with the support received from the finnCap Cavendish team throughout this process. Mike and the team ensured that we prepared meticulously, identified the right pool of potential investors and worked closely with us, the management team and our legal advisers to deliver a great outcome for the Shareholders. We wish the Intelling team and RDCP all the best in their next phase of growth.”
“The finnCap Cavendish team were exceptional from start to finish on our deal, helping us to prepare meticulously for the process, identifying a group of highly strategic buyers and negotiating a fantastic deal for our Shareholders. We would thoroughly recommend them to any owners considering an exit.”
“Thank you to John and your fantastic team at FinnCap Cavendish for your unwavering support, dedication, work ethic and belief in Xexec’s mission. John, Mike and Sam were instrumental in bringing the deal to a successful completion and provided invaluable guidance throughout the process.
We look forward to our new partnership with the Castik and Abry teams who are the ideal partners as we continue to expand our business and pursue the next phase of our strategy.”
‘The finnCapCavendish team were great to work with, they took time to listen, properly understand our objectives and tailored the process to get a fantastic result for us. They really understood the value drivers in the ICT sector and had access to all the key buyers for our business, they were able to efficiently manage the sale process maintaining the great relationship we’d built we Adept as our preferred buyer.’
“Thank you to Jon, Steph and Chirag for their tireless efforts in recent months. Jon offered invaluable leadership and strategic advice, while Chirag and Steph provided diligent and supportive guidance throughout. They also behaved throughout as one would expect friends and confidants to act, which is very helpful in a confidential situation. We were delighted with the result and very, very pleased to have had the three of them as our team.”
“Cavendish understood our ambitions from day one and went to great lengths to understand the minutiae of the business in order to effectively position the investment proposition as it evolved throughout the transaction. Cavendish were not just an advisor but a true partner to the Systal team throughout the process all the way through to completion.”
“The Cavendish team of Jon, Chris, Chirag and Soben steered the process from start to finish and were instrumental in bringing this transaction to a successful conclusion with the right partner in the form of Naviga. The sale of Miles 33 to Naviga marked a successful exit for the financial investors and provides management with a larger platform to grow the business.”
“We are delighted to have secured this transformational funding. The open market does not serve everyone and the funding enables us to provide a choice to many more sellers. We would also like to thank Jon, Ben, Steph for their efforts – they provided invaluable advice and hands-on support throughout the process, providing us with a trusted advisor that saw the transaction through to completion.”
In Thomson Reuters, we found a strategic buyer that shares our commitment to the rule of law. We have a proven track record of enabling the courts’ digital transformation of the UK. We are optimistic that with Thomson Reuters global footprint we will be able to help courts around the world to continue to operate effectively and efficiently into the future.
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