Playtech Plc has, following an unspecified deal, offloaded its casual games subsidiaries FTX Games and Plamee Studios to US gaming publisher Tilting Point.
Games news reports say that Tilting Point has agreed to take over all essential FTX Games and Plamee IPs and main employees.
Playtech opened its Plamee casual games studio in 2014, a subsidiary division created by their $20 million YoYo Games acquisition.
Playtech purchased Funtactix – the founding company of FTX Games, a casual games publisher for entertainment franchises including The Hunger Games, Mission: Impossible, Power Rangers and Rocky, following its purchase of YoYo Games.
The former FTSE100 technology group launching Plamee stated that the casual games sector would be its next growth entertainment marketplace, having secured ‘peak capacity’ within the gambling sector.
Playtech ‘s foray into the casual gaming industry coincided with the company’s expensive expansion into FX trading – where Playtech conducted a series of multi-million acquisitions to expand its division of financial services.
Having seen its share price nosedively from its 2018 highs, however, and the company being unable to meet corporate expectations, Playtech investors demanded that the company focus its business on recovering its gambling portfolio.
Investor demands saw Playtech sell its 10 percent shareholding for $230 million in the FX Plus500 platform, with the company stressing that all financial services assets were under review as part of the broader restructuring of the business.