International Game Technology (NYSE: IGT) announced today that it has entered into an agreement to make an investment in Digideal Corporation, a gaming technology company based in Spokane Valley, WA. The closing of the investment is subject to approval by Digideal's stockholders, the receipt of applicable regulatory approvals and subject to negotiated closing conditions. Financial terms related to the agreement or the investment were not released.
Concurrently with the closing of the investment, IGT will receive access to Digideal's intellectual property portfolio, a five-year term of exclusive manufacturing and distribution rights for Digideal products, and an option to acquire Digideal within five years.
Digideal's primary technology is a patented electronic table game platform. IGT expects to work jointly with Digideal to expand Digideal's game content library and electronic table game products.
"Our proposed distribution agreement and investment in Digideal reflect IGT's commitment to playing a key role in the developing electronic table game market," stated Steve Morro, President of IGT's Gaming Division. "We are excited about the opportunity to leverage Digideal's intellectual property portfolio and engineering talent with IGT's depth of research and development resources."
"Digideal is pleased to partner with IGT to further develop our game platforms, broaden our portfolio of intellectual properties and game content, and expand our manufacturing and distribution capabilities," said Michael Kuhn, Digideal's CEO.