Gaming Realms acquires Slingo from RealNetworks
Deal worth $18m will also see Gaming Realms take control of RealNetworksâ GameHouse US and a number of other assets
Gaming Realms has entered into a conditional agreement with RealNetworks to acquire its Slingo brand and a number of other assets for US$18m as it looks to expand into North America and the social casino sector, the company announced this morning. [private]
The London-based firm will take control of RealNetworksâ GameHouse US and Canadian Game studios, its Backstage Technologies subsidiary, receive a licence to the GameHouse Promotion Network plus a number of domains including Sudoku.com and Mahjong.com.
The deal comprises a $10m cash payment plus two additional $4m payments 12 months and 24 months after completion, and has been funded by Gaming Realms raising £12.5m through the proposed placing of up to 50 million new ordinary shares in the company.
Gaming Realms said the acquisition was directly in line with its strategy to âbuild an international portfolio of engaging casual games brandsâ and provides a âdirect entry pointâ into the North American market and the âfast-growingâ social casino sector.
âThis is a landmark acquisition for Gaming Realms transforming the group into a truly international developer, distributor, and marketer in the burgeoning casual and real-money sectors,â Gaming Realms CEO Patrick Southon, said.
âSlingo is a well-established brand and has already benefitted from sitting on our platform alongside our Pocket Fruity and Spin Genie brands. The addition of Slingo to our existing portfolio creates an exciting player offering,â he added.
Gaming Realms licensed Slingo Riches in April this year and became the most popular game on its Spin Genie site within four weeks of launch. Post-acquisition, the operator said it would host Slingo on its proprietary platform alongside its Spin Genie and Pocket Fruits brands.
Gaming Reals today also provided a Q2 trading update, revenues up 12% sequentially to £4.2m with real-money revenues up 29% and accounting for £2.9m of the total. New depositing players were up 3% during the period to 36,992.