Playtech set to Rebrand TradeTech to Finalto
TradeTech, the financial trading unit of Playtech, is about to be rebranded. This move is coming after several months of the rumor that they plan to sell off the business.
They claim that the new name, Finalto, is a better reflector of the brand's core mission, which is finance, hence the decision to rebrand it.
When is the Rebranding?
In a recent interview with the Finance Magnates, one of the news outlets that cover financial trading, the Head of Marketing at TradeTech, Kate Ryan, revealed that the rebranding process in the offing would unveil a new phase for their company and clients alike.
She also noted that the entire team is excited with the new name, which portrays the online casino game developer in a more meaningful way. She stated that their goal of being a notable player om the international market will be achieved easily.
As a core service provider of B2C and B2B services, in the global gambling market, Playtech went on to form a trading division after a deal where they acquired the CHF Group for $120million plus Alpha Capital Markets at $150million.
The Rebrand may be a sign of a Potential Sale
Although 2019 was not an excellent time for TradeTech as its stocks performed poorly, the first six months of 2020 was a great time due to the increased trading volume and market volatility resulting from the COVID-19 pandemic.
According to the report published by Playtech, the first half of 2020 saw the revenue of TradeTech increase by a whopping 123%, which amounts to €87.3 million. There was also a sharp increase in the underlying earning that went from €8.2 million to €52.8 million in just the first six months of 2020.
Although the company's 2020 fortunes excelled the previous year by leaps and bounds, there are still rumors that thas been circulating since around summer that Playtech is working on selling TradeTech.
According to news outlets in Israel, it was reported that several companies and individuals are already coming together to make an offer to buy TradeTech jointly. Another report had it that Playtech is ready to open the company's bidding for between $200-250 million.
Playtech has also hinted that it was in talks with parties who have expressed interest in buying TradeTech. However, they also noted that the process was still early and was unsure if they would reach a closure yet, primarily based on the agreeable terms within the deal.
Final word from CEO
Mor Weizer, the CEO of the company, stated that there was absolutely no pressure on him to sell it yet due to the high performance it recently recorded during the first half of 2020. He added that if they don't get a buyer who is ready to bid for the company at a reasonable price, they would be happy to keep it.