Friday July 31,2015 : STRIDE GAMING INKS DEAL TO ACQUIRE MOBILE SOCIAL GAMING FIRM
Online gambling company is prepared to pay $39.2 million for InfiApps.
Internet gambling company Stride Gaming has agreed a $39.2 million deal to acquire mobile social gaming developer InfiApps, the consideration to be paid in a mix of $21.2 million in cash and an earn-out payment of a further $18 million in cash contingent on InfiApps meeting certain performance targets over the next two years.
InfiApps attracted attention earlier this year when its flagship casino game, Slot Bonanza passed the 5.2 million downloads benchmark in continued global player interest.
The developer reported net profit before tax of $2.3 million in the first five months of 2015 and is on-track to beat a FY 2014 profit of $3.4 million.
CEO Ronen Kalmanson said that the combination of the InfiApps social gaming platform and the operational expertise of Stride will create an improved player experience and help grow both companies.
Eitan Boyd, chief executive of Stride Gaming, said:
“The addition of InfiApps widens our current portfolio of products and brands and will significantly enhance and diversify our player offering internationally, as well as provide access to new users and new geographies generating significant operational leverage.
“The acquisition is in line with our strategic objective of expansion through acquisitions, and also affords Stride Gaming a platform in which to take our online bingo product, over time, into the social gaming space."