Playtech rebrands financial division

The financial division at software company Playtech (PTEC) will now be referred to as TradeTech. Management wants to expand this area and thinks the new title is more representative of the breadth of its operations, which include business-to-business trading services and the consumer platform Markets.com. Revenue in this division was up 43 per cent at constant currency to €45.1m (£40m), although not included is the acquisition of a trading platform and accompanying client portfolio from Alpha Capital Markets. That deal was signed post-period-end for an initial $5m, although Playtech could end up paying closer to $150m based on earnings over the next three years.