Cryptologic Inc. - Case Study for Lewis N. Rose

Lewis N. Rose was appointed President and CEO of CryptoLogic Inc., a Canadian based software development company servicing the global online gaming industry at a watershed time in the company’s lifecycle.

The marketplace was evolving rapidly, reflected in a declining stock price, customers were becoming more sophisticated and demanding, a technology platform was needed to accommodate substantially increased volume and flexibility needs, and the U.S. government was threatening to prohibit online gaming. All this required a clearly defined strategic plan. Lewis and his team listed the company's shares on the London Stock Exchange (choosing the Main Board over AIM), as London is the epicenter for online gaming.  A newly restructured Board followed, and the CEO recruited an outstanding executive management team to create and execute on a strategy of sustainable growth and profitability.

The management team under Lewis’ direction focused on fewer but large and successful “blue chip” gaming clients, while growing the revenue and allowing the development team to focus on innovation and profitable projects. Under Lewis, the company established new client service standards which attracted large brand name blue-chip clients, built a globally distributed IT platform, and expanded into European and Asian Pacific markets. The company was recognized as an industry leader and innovator with five consecutive industry software gaming awards, increased annual revenues to more than US $104 million from US $34 million, increased annual net earnings to more than US $24 million from US $7 million, generated more than US $100 million in cash, and increased market capitalization to more than Cdn. $400 million from Cdn. $90 million.