Paddy Power plc has acquired CT Networks Ltd (Cayetano)

Paddy Power plc has acquired CT Networks Limited (Cayetano), a games developer headquartered in the Isle of Man, UK. Financial details have not been disclosed.

Paddy Power is an international multi-channel betting and gaming group, offering online services and a chain of retail outlets throughout Ireland, Northern Ireland and Great Britain. Patrick Kennedy, Chief Executive of Paddy Power, said: “Cayetano is one of the best developers of its kind in the egaming sector and its acquisition will provide us with a compelling range of online gaming products as well as a new internal source of gaming development expertise. Paddy Power has built a strong in-house IT and product development capability. Cayetano will add to our existing capability.”

Cayetano has developed a range of games for the online and mobile gaming markets, using its team of software developers and graphic designers located in Sofia, Bulgaria, and was acquired from its founding shareholders and management team, who will remain with the company.

Nick Maughan, CEO of Cayetano, added: “This is a great step for Cayetano and its team. We’re all excited at the prospect of being part of Paddy Power, a business whose success in this market has been built on an exceptional understanding of online customers and product trends.”

Oaklins' team in Ireland acted as financial advisor to Paddy Power plc in connection with this transaction.