iGaming’s Oddest Alliances
GigaMedia & Everest Poker
GigaMedia’s not exactly a household name in the United States and Western Europe, but what they lack in name brand recognition, they make up for with success.
The company started out life as a Singapore-based online gaming company but grew up in a big way after launching an initial public offering (IPO) back in 2004. Once the IPO took off, GigaMedia went on a buying spree that would eventually include the acquisition of Everest Poker.
Unfortunately, GigaMedia wasn’t able to capture lightening in a bottle twice and its relationship with Everest quickly turned sour. After years of weighing down company profits with lackluster earnings, Everest was sold off last year in a deal that was worth right around $100 million.
So much for diversity.
Tags: Mergers and Acquisitions