Galaxy Gaming acquires rival table game company

Las Vegas-based table game provider Galaxy Gaming announced Thursday it has essentially acquired a rival company.

In a statement, Galaxy said it entered an agreement with TableMAX Gaming to secure the rights to sell electronic versions of table games Caribbean Stud, Caribbean Draw, Progressive Blackjack, Texas Hold 'em Bonus and Blackjack Bullets.

No money was exchanged in the deal.

The transaction moves Galaxy into the electronic table game business. Because the games don't require a live dealer and are often classified as a slot machine, the company could place them in gaming markets that don't allow live table games.

Galaxy Gaming Chief Executive Officer Robert Saucier said the agreement would allow the company to develop electronic version of its nontraditional table games, Lucky Ladies, Texas Shootout, Emperor's Challenge and Deuces Wild.

Galaxy also named former Shuffle Master Gaming Chief Financial Officer Richard Baldwin to the company's board of directors. Baldwin was a consultant to TableMAX and worked on the transaction with Galaxy Gaming.

Galaxy Gaming went public in April 2009 on the Over-the-Counter Bulletin Board.

Galaxy Gaming shares rose 1 cent, or 4.76 percent, to close at 22 cents per share on Thursday.