iTech Labs' Complete Stock Ownership Transfers to GLI Group
Boosting the Gaming Sector: A New Era for Gaming Laboratories International (GLI) Group and iTech Labs
GLI's Big Move: The gaming industry is set for a revamp as Gaming Laboratories International (GLI) Group has taken over iTech Global, a well-known gaming testing laboratory. This smart strategic move is poised to significantly bolster GLI's global reach and expertise in the field.
NOT Your Average Merger: Alas, the financial details of the transaction remain under wraps, but fret not, iTech Labs will continue to operate as a fully-owned subsidiary of GLI. The existing structure and operations of the company are expected to remain intact for now.
Joining Forces, Going Stronger: iTech Labs will continue to run its business independently but will be joined at the hip with GLI's back-office staff to expand their clientele and enhance commercial results. The deal also empowers customers by providing them with GLI's strong connections with global regulators, ensuring seamless licensing procedures worldwide.
All Hail the Brand: James Maida, GLI president, proudly announced that the management, testing, and sales teams will continue to operate and be licensed in their respective jurisdictions:
We're stoked that the whole crew will carry on under iTech Labs' unique brand name.
A Perfect Match: iTech Labs CEO, Kiren Sreekumar, echoed Maida's sentiments, expressing his satisfaction with the deal and its alignment with iTech's principles and commitment to top-notch service:
GLI Group gets us; they share our values and are more than pleased with this investment.
Sreekumar also praised iTech Labs' past achievements, stating that the current developments mark a natural progression in the company's journey. The future looks bright for iTech Labs as it gears up for substantial growth thanks to this new alliance, as GLI and iTech aim to dominate the international gaming market with their exceptional offerings.
The iTech Labs X GLI Duo: Taking Over the Gaming Sector
By acquiring iTech Labs, GLI Group is on a mission to consolidate its dominance in gaming certification and compliance. Here's how this merger impacts their global reach, expertise, and market growth:
Gaining Ground Worldwide
GLI Group gains access to iTech Labs' specialized testing capabilities, particularly in areas like provably fair technologies for cryptocurrency casinos[3][4]. iTech Labs is renowned for its auditing work in online casinos, including verifying Random Number Generator systems and ensuring game fairness[1][3]. With iTech's operations now integrated, GLI can offer extensive certification services across more jurisdictions, expanding its presence in regions where iTech had existing regulatory partnerships.
Deepening Expertise
iTech Labs brings decades of experience in auditing online gaming systems, boasting expertise in slot fairness verification, anti-money laundering protocols, and technical compliance[1][3]. This complements GLI's existing strengths in land-based casino testing and regulatory advisory services. The union creates a more comprehensive service portfolio, enabling the combined entity to tackle both traditional and cryptocurrency gaming sectors with confidence[3][4].
Setting the Tone for the Future
- Setting Global Standards: The combined entity can shape future gaming standards, especially in jurisdictions that are tightening scrutiny on cryptocurrency casinos and provably fair mechanisms[4].
- Dominating the Market: By eliminating iTech as a competitor, GLI secures its position as the go-to compliance partner for operators seeking certifications accepted in numerous markets[3].
- Embracing Innovation: The acquisition expedites GLI's ability to support novel gaming technologies, such as blockchain-based platforms and hybrid online/retail casino systems[3][5].
With this strategic move, GLI establishes itself as the one-stop compliance solution, likely leading to a faster adoption of their services as the online gaming market expands globally[3][5]. The future is bright, and it's all systems go for this powerhouse gaming duo!
- The partnership between GLI Group and iTech Labs, marked by the acquisition of iTech Labs, aimed to strengthen GLI's dominance in the gaming certification and compliance sector.
- This amalgamation gave GLI access to iTech Labs' specialized testing capabilities, such as provably fair technologies, allowing GLI to offer extensive certification services across more jurisdictions.
- The combined entity, driven by expertise from both companies, aimed to set global standards, dominate the market, and embrace innovation, ensuring they remained the one-stop compliance solution for the evolving gaming market.
