logo
  

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Twitter has rolled out the tipping feature called "Tips" for everyone around the globe using the microblogging site with more payment options to choose from, including cryptocurrencies such as Bitcoin. This is a new way for people to receive and show support on Twitter with money. The feature is currently available on iOS and will be available on Android over the coming weeks. Amazon.com has launched weekly Max-Your-Vax Sweepstakes to encourage their employees to get vaccinated against COVID-19. The sweepstakes began on August 6, 2021 and ends on October 21, 2021, with six draws during the sweepstakes period for 18 prizes worth nearly $2 million, including cash prizes, new vehicle or cash and vacation plus 40 hours of Paid Time Off. Target Corp. announced its plans to hire 100,000 seasonal team members at its stores across the country for this holiday shopping season, though fewer than previous years. With this, the company aims to invest in more flexible scheduling, training, pay and benefits for its existing team members. In a statement, the company said it is also offering around 5 million more hours to its existing staff.
RELATED NEWS
Follow RTT