RENO, Nev., Dec. 21 /PRNewswire-FirstCall/ -- IGT announced today that it has completed the acquisition of Venture Catalyst Incorporated ("VCAT") (BULLETIN BOARD: VCAT) at a purchase price of $2.58 per share in cash. VCAT's name will change to Mariposa Software, Inc. immediately following the merger and survives the merger as a wholly owned subsidiary of IGT.
"IGT will continue to market, support, and enhance the Mariposa suite of software products to its casino customers, and we will integrate Mariposa's customer relationship management, marketing, and business intelligence solutions into IGT's suite of industry-leading gaming applications," said Andy Ingram, senior vice president of IGT Network Gaming Systems. "Mariposa's analytical and predictive modeling tools -- complemented by IGT's upcoming sb technology platform and gaming and marketing applications -- further enhance IGT's positioning as a single-source solution for all of a casino's gaming revenue and profit building needs."
Immediately following the merger, VCAT's gaming consulting services division (exclusive of its Mariposa software division) was sold to an entity controlled by certain members of VCAT's management including L. Donald Speer II, VCAT's Chairman of the Board and largest shareholder, for approximately $4.5 million in promissory notes.
"This acquisition is in line with our strategy to keep innovation at the forefront of our product development and to assist our casino customers in maximizing their profitability," said Steve Morro, President of IGT's Gaming Division.
International Game Technology is a global company specializing in the design, development, manufacturing, distribution and sales of computerized gaming machines and systems products.
Statements in this release, which are not historical facts, are "forward looking" statements under the Private Securities Litigation Reform Act of 1995. Although IGT believes that the expectations reflected in any of its forward-looking statements are reasonable, actual results could differ materially from those projected or assumed. IGT's future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent known and unknown risks and uncertainties. IGT does not intend, and undertakes no obligation, to update forward-looking statements to reflect future events or circumstances.
Information on risks and factors that could affect IGT's business and financial results are included in our public filings made with the Securities and Exchange Commission.
