Javaid Aziz, CryptoLogic’s president and CEO, said: "We expect Asia to move from being the dynamic e-gaming market of today to the dominant e-gaming market of tomorrow. That is why CryptoLogic is making its second strategic investment in the region."
CryptoLogic will initially take a substantial minority equity stake in Singapore-based Mikoishi but has options to increase its ownership over time and it will have representatives on the Mikoishi board of directors.
It’s been a heck of a year for CryptoLogic. After being given the boot by the Unlawful Gaming Enforcement Agency last year, the company was banned from all operations in the United States, which at the time accounted for 30% of its business. In response, CryptoLogic packed its bags, switched CEOs, and moved headquarters from Canada to Ireland in order to be closer to its remaining customer base.
Nonetheless, CryptoLogic has not only survived, but also taken steps to reinvent itself and return to historical profitability. The company has taken steps in the past year to distance itself from it once coveted American customers, including making several acquisitions in Europe and Asia, such as Casino.co.uk and Mikoishi Studios, which focuses on the Asian mobile phone entertainment market. CryptoLogic also relocated its gambling license to the United Kingdom to better meet the needs of prospective new licensees.