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Playtech Buys Privately-Held Yoyo Games

Playtech Plc (PTEC.L), an online gaming software supplier, announced Monday that it has acquired UK-based Yoyo Games Limited.

The purchase price for the deal is $16.4 million. The agreement calls for 30 percent of the consideration will be held in escrow for up to 36 months after closing to provide security in respect of claims. In addition, an earn-out consideration and a retention plan is expected to add a further $5.25 million to the aggregate cost.

Yoyo's key asset is Game Maker: Studio or GMS, a mobile driven cross-platform casual game development technology. This enables developers to create games using a single programming code and then publish them to run natively across most common platforms.

The company noted that GMS enables game developers to create cross-platform games in hours with a user-friendly intuitive platform. GMS has secured more than 750,000 registered games developers who currently use the platform on a freemium basis with chargeable add-ons.

The consideration for the acquisition will be funded from Playtech's existing cash balances.

Playtech said the deal is part of its strategy to penetrate the casual gaming space, which already includes Plamee - an internal games development team. This acquisition will enable the Company to further diversify its business, benefiting from a combined B2B/B2C offering focused on a strong and growing segment of the wider gaming market.

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