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1999 –
Greg Pierson Helps Form ieLogic, First Software Provider for UltimateBet
Greg Pierson - CEO – IELOGIC
(Privately Held; 11-50 employees; Information Technology and Services industry)1999 — 2004ieLogic provided a shared technical infrastructure to support MMOG (Massively Multi- player Online Gaming) environments. The company was sold in 2004 to ExcapsaSoftware and went public on the London Stock Exchange shortly thereafter.
“Greg Pierson started UB with his partner and Russ. And yes, Greg runs asoftware company that deals in internet security (Iovation)”
“ once ieLogic is severed, the cash cow for some of these people is dead. they mighthave received Excapasa stock; they might not have. motivation?” Annie Duke Would latesay the same thing about E-world holdings in an interview on 7-10-081999 –
E-World Holdings Owns & Operates UB; E-World Licenses Poker SoftwareFrom ieLogic
“At the end of 2000 the next of the big names made its debut. UltimateBet wasset up jointly by software firm ieLogic (founded by tech geeks Greg Pierson and JonKarl) and some secretive high stakes poker players (believed to include a former WSOPMain Event winner).”10-2001 -
Jack Bates Hired for Sr. Software Engineer Ielogic
Sr. Software Engineer October 2001-December 2003”Server Security and PerformanceieLogic, Inc., software provider to UltimateBet.com, Portland, OR, USAVirtually all technical aspects of analysis, design, implementation and maintenance of performance-sensitive servers responsible for providing and securing soft-realtimemultiplayer online games. Secure and reliable processing of financial microtransactionsand user authentication. Implementor, overseer and filer for patent-pending "associationtarpit" fraud prevention technology, brand-named ieSnare, which saved UltimateBet's business by rooting out organized credit card fraud rings.Invention, development and statistical validation of the Hardware Random Number Generator "cooker" and software shuffling algorithms used to fairly deal hands in highstakes card games. Performed second-tier investigations of all manner of attempted fraudand abuse of our systems and assets. Governmental and financial authorities are not keenon helping us - self-reliance is mandatory here. Absolute honesty and integrity are non-optional for this job. Insomnia helps too.”
Jack Bates Response on 2p2 poker forum 7-9-2008
“In my experience, there are some very good people involved in the online poker business. I remain friends with quite a number of them. These people understand thatreputation is their largest asset, and they guard their reputations by having the disciplineand policies in place to avoid stupid screwups. Screwups like the one being discussedhere.”“Unfortunately, there are also some marginal types. I will not discuss details, butthese people definitely do exist. Again, think for yourself: perhaps there are good reasonswhen a talented engineer leaves one company and joins another. There usually are. Ithappens all the time. I think you'd be foolish to paint the management of the poker sitesI've worked for with the same brush.”April 2004 -
Excapsa Was Incorporated in 2004 Under Canada Law
Excapsa was incorporated under the laws of British Columbia on April 28, 2004, andcontinued under the
Canada Business Corporation Act
on February 28, 2005. The headoffice of Excapsa is located in Toronto, Ontario.Spring of 2004
- ieLogic Is Sold To Canadian Company (Excapsa), What Remains IsNow Iovation
“Last spring, the principals of software developer IeLogicsold its multiplayer
online games applications to a Canadian company but IeLogic was allowed to keepclients of its non-poker technology What remained of the old company -- a system for predicting online fraud, 30 employees and a sublease covering a little less than half the10th floor of the U.S. Bancorp Tower -- became
Now, Iovation is takingover the 43-story tower's entire 32nd floor. The company signed a seven-year lease withU.S. Bancorp Tower's Seattle-based owner,
Greg Pierson of Iovation Files Patent for (iesnare?) Network Security & Fraud Detection System and Method
http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PALL&p=1&u=%2Fnetahtml%2FPTO%2Fsrchnum.htm&r=1&f=G&l=50&s1=7272728.PN.&OS=PN/7272728&RS=PN/7272728
“A system and method to detect and prevent fraud in a system is provided. Thesystem may uniquely identify physical devices connecting to a network, register uniquedevices, track end-user logins, associate end-user accounts with specific devices, andshare information with multiple network service providers is described. “In summary“The system is an advanced fraud detection and prevention tool that cansignificantly reduce the risk of Internet transaction and identity fraud since the systemallows a business to avoid "problem customers" identified by other participating businesses before they start creating problems for that business, and it eases the processof identifying potential repeat offenders before they create more problems.”Inventors: Pierson; Greg (Gresham, OR), DeHaan; Jason (Chicago, IL)Assignee: Iovation, Inc. (Portland, OR)Appl. No.: 10/867,871 Filed: June 14, 200411-7-04 –
Phil Hellmuth Invests in Iovation
http://www.philhellmuth.com/articles.html?id=48 “Greg Pierson is the man! No, you haven't heard of him yet, but mark my words:GP's new company, IoVation'an internet security company--will have a billion dollar valuation by 2008. Considering how much respect I have for Greg, and considering thefact that I'm lucky enough to be an investor in IoVation, I vowed to Greg that he could getsome private lessons from me anytime.”Late 2004 – Early 2005 -
Iovation Using IESNARE At Ultimatebet to Combat Fraud
January 2005 –
Jim Ryan is CEO of Excapsa
http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=1529774&capId=25853541&previousCapId=25853541&previousTitle=Excapsa%20Software%20Inc.
“James A. (Jim) Ryan, CA is a Founder of Excapsa Software Inc. and has been itsPresident and Chief Executive Officer since January 2005. Mr. Ryan served as Chief Financial Officer of CryptoLogic Limited since January 22, 2002. Prior to CryptoLogic,he served as Chief Financial Officer and Secretary of Procuron Inc., an Internet business-to-business marketplace company, from November 2000 to December 2002”“Excapsa Software, Inc. engages in developing, marketing, and licensing onlinegaming software applications, as well as in managing Excapsa poker network. It marketsmultiplayer, real time Internet-enabled poker software. The company’s Excapsa poker network includes UltimatePoker.com, and others. Excapsa Software was incorporated in2004 and is headquartered in Toronto, Canada.”
http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?symbol=ECSWF http://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=ECSWF.PK
“Year over year, Excapsa Software Inc. has been able to grow revenues from $5.9Mto $49.1M. Most impressively, the company has been able to reduce the percentage of sales devoted to selling, general and administrative costs from 28.11% to 9.81%. Thiswas a driver that led to a bottom line growth from a loss of $646.5K to a gain of $9.1M.”7-28-05 -
Game Theory Limited, a subsidiary of the Company, purchased the pokerroom
http://www.excapsa.com/media/Excapsa2006H1InterimResults.pdf software and residual licensing rights from Ecom Arts Limited in exchange for $2,500,000. The software has been recorded within intangible assets and is beingamortised over 5 years.9-7-2005 –
Excapsa, UB, Phil Hellmuth, and Russ Hamilton Join Forces
“ TORONTO -- Leading online poker software developer, Excapsa Software, their network's primary licensee, UltimateBet.com, and Phil Hellmuth announced today thatthree fundraising poker tournaments will be held on UltimateBet.com to benefit theHurricane Katrina relief efforts, beginning September 8th.
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