Esports Entertainment Group ramps up M&A drive with FLIP Sports purchase
Malta-headquartered esports operator acquires assets in peer-to-peer mobile fantasy gaming studio
Esports Entertainment Group (EEG) has bolstered its ongoing M&A efforts by acquiring assets in mobile games studio FLIP Sports.
The Nasdaq-listed operator has signed a letter of intent to acquire staff and all intellectual property in the daily fantasy sports product.
FLIP Sports, which was formed in 2014, boasts proprietary in-play, peer-to-peer technology and a second-screen platform to allow for a social betting experience.
EEG finally completed the $1.25m acquisition of Argyll Entertainment last month, which saw executives Stuart Tilly and Dan Marks transition to the EEG senior leadership team. Tilly is also a registered director of FLIP Sports.
Speaking to EGR Intel last month, EEG CEO Grant Johnson revealed his firm’s M&A plan had a dual focus.
Johnson said: “The focus is on regulated egaming companies that have a value to our shareholders. We are on the hunt for operators in jurisdictions and operators with something to offer EEG via synergies.”
Speaking on the acquisition of FLIP assets, Johnson said: “FLIP has brought together a talented team with proven industry experience that we believe will provide immense value to EEG as we enter a period of tremendous opportunity and rapid growth.”
John Brackens, EEG CTO, added: “The FLIP team are leaders in building igaming platforms that take the player experience to new heights. Their expertise will strengthen our efforts in esports and help us further create a best-in-class immersive experience for esports fans.”