Troubled international gaming software supplier Octavian International began reorganization efforts last month, appointing joint administrators to guide the company back to solvency as it seeks a buyer.
Mark Orton and Allan Graham were appointed joint administrators of Octavian International Limited on May 7. The company is the holding vehicle for the group that operates in the development and distribution of gaming software, systems and lottery solutions.
The company owns intellectual property and share capital in subsidiaries and partners that provide the group with a global presence, operating in more than 30 national gaming markets.
“The global economic downturn combined with specific gaming industry factors, including delays in expected regulatory and legislative change, have adversely impacted on Octavian’s trading conditions and working capital requirements,” said Graham.
“The company’s products and systems are recognized and highly regarded within the global gaming market, and the company will continue to trade in administration while we seek a purchaser. A number of parties have already expressed interest, and based on early-stage discussions we believe there is a realistic prospect of finding a buyer. Unfortunately, a small number of redundancies have been made since appointment.”
The company operates under the OctaGames, OctaSystems and OctaLotto brands, and is well established in markets such as Italy, Argentina and Colombia, alongside research and development facilities in Russia. The group consists of 169 employees worldwide and last year had turnover of US$11.7 million. The company’s European headquarters are based in Guildford, Surrey, U.K.