Like the proverbial phoenix, defunct payment processing company Intabill has risen from the ashes...or has it?
Earlier this year it was reported that Intabill, a payment processing company that serviced a number of high profile online gambling companies went into administration. A finance company going belly up in the midst of the global credit crisis isn't exactly earth shattering news. But Intabill was owned and operated by a young high flier who graced the Brisbane (Australia) society pages and captured the imagination of the Gen-Y set with lavish purchases of sports cars and mansions.
24 year old entrepreneur Daniel Tzvetkoff was flying at the helm of a company that had grown to almost a hundred employees and a client list including Full Tilt, Golden Palace.com, Absolute Poker.com and PokerStars. Intabill, and Tzvetkoff's rise were meteoric...matched soon after by the speed of their collapse. The company went into administration earlier this year owing tens of millions of dollars to its high profile clients.
Tzvetkoff, his privately owned investment vehicle BT Projects Pty Limited and co-Intabill shareholder Sam Sciacca were all named as defendants in a $US 43 million law suite filed by Full Tilt. Other creditors are no doubt also sifting over the bones for their dues as well.
Now, stories doing the rounds are suggesting that newly formed payment processor Payovation Pty Ltd is in fact an Intabill skin. While CEO and former Intabill employee Michael Hui has been at pains to point out that his company is not related to Intabill, the fact remains that most of its employees, and all of its payment processing technology IP come from the former company.
“It has been suggested on this forum that we are just Intabill with a different name. This is not the case. Payovation is a new and separate business from Intabill. None of the founders, shareholders or directors of Intabill are founders, shareholders, directors or employees of Payovation"
According to Hui the new company has been busy trying to sign up old Intabill clients and is having some success. I wonder if Full Tilt, Golden Palace.com, Absolute Poker.com or PokerStars are included on this list?
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