Chartwell Technology pays $4 million for poker software developer Micropower
CALGARY (CP) - Gambling software company Chartwell Technology Inc. has paid $4 million for online poker developer Micropower Corp. of Gibraltar.
"Growth of the online poker market has been exceptional," Chartwell CEO Darold Parken said Friday in a release.
"We recognized that, while our overall product suite is very strong, our poker software capabilities needed significant enhancement to quickly capitalize on opportunities. Our acquisition of Micropower provides a huge boost to our software offering and our future development capabilities."
Twenty software developers from Micropower will work for Chartwell, he added.
Calgary-based Chartwell (TSX:CWH - news) develops gambling and entertainment software for the Internet and wireless devices, but said it doesn't participate in the online gaming business of its clients.
On the Toronto Stock Exchange, Chartwell shares were up 35 cents, nearly four per cent, to $10.10 in early Friday trading.
