The CEO of Nektan Plc. has Handed in His Resignation to Take Up New Role
Representatives from Nektan Plc., the online gaming technology provider, have announced that their newly appointed CEO, Leigh Nissim, who was to assume the role in late July of this year, has resigned from the position. It has not yet been revealed to the public, which company, if any, he plans to join instead.
Appointment of Leigh Nissim as the New CEO of Nektan Plc.
Nissim was appointed to take over the role after a half year long search. The former CEO of Nektan Plc., David Gosen, too resigned from the position earlier this year in January. Nissim’s appointment was confirmed in mid- May of 2017. At the time it was announced that he would be joining the company later in the year, around the late- July mark.
When Nissim was initially appointed at Nektan Plc., the Chairman of the company, Jim Wilkinson, expressed how pleased they were with the choice of their new appointee. He went on to address how someone of Nektan’s caliber would be a perfect fit for the company.
He said, “We’re delighted to be appointing someone of Leigh’s calibre and experience to Nektan during this period of high growth and development.”
Wilkinson added that Nissim had a proven track record that could really help the company grow in the future.
He said, “With his strong track record of successfully growing gambling businesses across our product verticals and within regulated markets, Leigh’s appointment will help Nektan continue its growth momentum and capitalise on new distribution and product opportunities.”
The Nektan Chair also praised Nissim for his wide range of qualifications that could have really helped the company reach its next stages in business.
He said, “The board is confident that Leigh’s digital and gaming pedigree, plus his financial background gained earlier in his career at Deloitte, will benefit the employees, customers and shareholders of Nektan as we enter the next chapter of our development.”
Since January of 2017, the Founder of the company, Gary Shaw, has been acting as the Interim CEO for Nektan. It was planned that once Nissim took up his role Shaw would be relocated to a different department. Upon Nissim’s instalment in his post as CEO, Shaw was to assume the responsibility of Director of Strategy at Nektan Plc.
At the same time as when Wilkinson welcomed Nissim to the compnay, he thanked Shaw for fulfilling “a crucial role” since Gosen’s departure. He also explained why Shaw would be a better fit as the Director of Strategy at Nektan once Nissim assumed his position.
He said, “As director of strategy, Gary will remain focused on adding value to the company through his significant entrepreneurial skills, in particular helping to develop the considerable opportunities available to the company in Europe and in the US through its joint venture Respin.”
Nektan Plc. After Nissim’s Resignation
Following Nissim’s resignation and the release of the half year financial reports, the company issued a statement to reveal that their trading had continued to improve through the tough few months under the leadership of Shaw.
The statement said, “The company’s trading continues to improve and the board expects to report positive quarter- on- quarter growth in the final quarter of the company’s financial year to June 30, 2017. In addition, the company is in advanced discussions in respect of its funding, the details of which it expects to announce in due course.”
However, share prices in Nektan Plc. were affected by the news of Nissim’s resignation. Share trading went down by 18 per cent to GBP 29.70 pence on Thursday, the 8th of June 2017, following the announcement.
While Nissim has not announced his future plans as of yet, he has clarified that he will remain with the company until August 2017 to ensure an orderly handover. The company did not say where Nissim was going or what his new role would be either.
Leigh Nissim is an industry veteran with over 11 years of experience in the sector. He left his role as the Commercial Director for IGT’s Interactive Division when he signed the contract with Nektan. Before working for International Gaming Technology Plc. (IGT), he served with the likes of St. Minver and GTECH G2.
Future of Nektan Plc.
It looks like the London AIM- listed mobile casino technology and content provider, will have to start their search for a new CEO to take up the position all over again. No plans have been disclosed by the company for either a temporary or a permanent solution to this problem that Nissim’s departure has inevitably created. It can be assumed that Shaw will continue to serve as the interim CEO until another suitable candidate can take up the position full time.
Nektan Plc. is a leading international gaming solutions and services provider. The company serves both the gaming markets in Europe and the USA. The company was founded at a time of exploding opportunities in the mobile gaming sector. Nektan claims to be driving digital gaming transactions, through proprietary technologies that permit speed, flexibility and innovation.
In July 2013, Nektan acquired Mfuse Limited, which was re- launched in April 2014 under their brand, as a fully functional mobile gaming platform.
The company’s core products happen to be White Label Casinos, Game Distribution, Game Studios and their North American casino services.
Nektan is the managed casino solution provider of choice in the United Kingdom. The company operates a network of more than 75 brands from over 50 partners. Their white- label solution features exclusively HTML5 content from more than 15 of the top games providers. The first Nektan white label partner went live in May of 2014.
In November 2014, Nektan Plc. signed a joint venture agreement with Spin Games Llc. to deliver in- venue mobile technology to U. S. land- based casinos. The joint venture, which has been named Respin, offers players new and innovative content to play on the premises via their own mobile devices. Since then, Nektan Plc. has acquired full ownership of Respin. They are now set to launch the very first and only Tribal Class III and Commercial Class III Bring Your Own Device Mobile platform in the USA.
Nektan also offers a full end- to- end technology platform called Evolve. This technology is said to simplify and support the route to mobile and desktop gaming revenues. It is also able to manage the full customer experience and back- office operations of their clients. This allows their commercial partners the opportunity to focus solely on marketing the product to their consumers.
Nektan’s core market is the regulated mobile real money gaming (RMG) sector. They also serve as an international, B2B mobile platform and gaming provider that has been recognised for being at the forefront of innovation in mobile gaming.
The Group’s strategy is focused on operating, distributing and monetising RMG entertainment for managed casino partners, who have access to large online audiences. They are also involved in building software licensing supply partnerships through the distribution of gaming titles. In addition, the company offers land based US casino markets with regulated digital casino gaming.
The group has signed several high profile B2B customers. They have also managed to attract an impressive level of interest from US land- based casinos.
Nektan Ltd. currently holds gambling operating licenses in Gibraltar, UK and Ireland.
Nektan holds a gambling operating license from the Gibraltar License Agreement, which allows the operation of a maximum of ten groups of games. These include casino style table games, card games, slot machine games, video poker services, numbers- based games such as bingo and keno, dice games, poker, scratch cards and finally, skill and prediction based games.
Nektan also holds the approvals for both a software and a gaming license for the UK market from the UK Gambling Commission (UKGC). This was issued in June of 2014.
The company also successfully gained approval for a remote betting intermediary license for the Irish market in July of 2015. In accordance with new Irish market regulations, it came into effect on the 1st of August 2015.