News Online Casino pays $50m for new software 06 Dec 2004
TVG Technologies, a secure smart card crypto interfacing systems developer, has signed an agreement with Las Vegas-based online casino company SuperCasino to supply its SmartNet system.
The value of the products to be supplied to SuperCasino, along with other customers in the deal who were not named, is estimated at $50 million.
SmartNet will be supplied with software applications for online casino with multi users. SmartNet's main features include very high security protocols developed by TVG to transfer money with a smart card over the Internet using a mobile device.
TVG and SuperCasino agreed to jointly build a new plant in Switzerland at the cost of $3 million to produce TVG's SmartNet product. The customers and TVG plan to finance the project through special Swiss government tax-free programs and bank loans.
In addition, TVG is planning to build a new facility for R&D and software house in the Har Hotzvim high- tech park in Jerusalem, Israel at a cost of $6 million. TVG plans to hire approximately 100 new workers for the development of new software and applications to support this deal and others.
