Valletta, 3 April 2019: The gamigo AG - a portfolio company of the blockescence plc (WKN: MT0000580101; Symbol: BCK, "blockescence") and one of the leading online games publishers in North America and Europe - has today, via it's 100% subsidiary gamigo Inc. acquired substantially all assets of the US games publisher WildTangent Inc. ("WildTangent"). The purchase price is in the mid-single-digit million US dollar range. The parties have agreed not to disclose the exact purchase price. The assets include, among others, a portfolio of over 4,000 games, which are distributed via the company's own platform and in close cooperation with leading computer and laptop manufacturers. The acquired business of WildTangent is expected to contribute to gamigo group's revenues with a mid-single-digit million US dollar amount in the current financial year and to positively contribute to the gamigo group's EBITDA from the date of acquisition.
In addition to the positive financial figures, gamigo expects the acquisition to generate significant synergies with gamigo's current gaming activities and portals. WildTangent operates a gaming platform with more than 4 million visitors per month, a network of more than 400 game developers and publishers, a substantial customer base, as well as contracts for the distribution of the games portfolio via leading computer manufacturers.
Information and Explanation of the Issuer to this News:
With this acquisition, gamigo AG continues its series of successful acquisitions using the consolidation potential of the market. Based on its platform strategy, synergies between gamigo and the acquired companies can be leveraged and thus contribute to the further profitable growth of the group. With the current acquisition of the WildTangent assets as well as the Trion Worlds assets at the end of 2018, gamigo significantly strengthened its position in the USA, one of the world's largest gaming markets. blockescence holds 38% of the shares and 53% of the voting rights of the gamigo AG and is planning to increase it's stake.
CEO Remco Westermann: 'We are very happy about this successful acquisition which enabled gamigo to further expand its market position in the USA. WildTangent is profitable from day one after the acquisition and will contribute directly to gamigo group's operating profit and as a result of that also add to blockescences results. The acquisition allows gamigo to further leverage economies of scale as well as synergies.'
About blockescence plc:
blockescence is a strategic investment holding that focuses on a 'buy, build & sell' strategy of rapidly growing companies within consolidating TMT sectors. The blockescence portfolio companies grow through acquisitions as well as organic growth. New technologies are actively being used to create USP's and improvements in efficiency within the portfolio companies. One example is the implementation and the roll-out of the Distributed Ledger Technology (DLT or blockchain technology) to create competitive advantages within the portfolio companies. blockescence has its headquarter in Valletta (Malta), holds daughter companies in Switzerland and Germany, and is listed at the Frankfurt stock market as well as on XETRA.
This release may contain certain forward-looking statements based on current assumptions and forecasts made by the management of blockescence or its affiliated companies. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of blockescence and its affiliated companies and the estimates given here. Neither blockescence nor its affiliated companies assume any liability to update these forward-looking statements or to adapt them to future events or developments.
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