Octavian International has entered administration and the company's offices in Guildford, UK, remain open while the owners seek offers for the business.
It will continue to trade, said Harmen Brenninkmeijer, the CEO, during the period that a buyer is being sought and there have been some redundancies.
Brenninkmeijer said: “The recent challenges in the general global economic recession, combined with gaming industry specific negative factors including, but not limited to, legislative and regulatory delays in key Octavian target markets such as Italy and Colombia, have had major adverse effects on Octavian’s trading conditions and cash flow and brought about the current situation.”
He said that some ‘interested parties’ had already indicated a desire to acquire some Octavian assets. “Certain core intellectual properties had previously been ascribed to another industry-leading entity. It is Octavian’s hope that these initiatives will offer our customers a truly viable alternative source of continued excellence-driven gaming solutions.”
Octavian is a leading software developer specialising in gaming industry solutions, including management systems and gaming content.
