logo-loader

Stride Gaming steps into the social media gaming arena

Published: 09:14 31 Jul 2015 BST

ipad-on-knee_55bb2f0fa446a
Revenue in the US social gaming industry alone is forecast to exceed US$12.3bn in 2017

Bingo operator Stride Gaming (LON:STR) is to enter the social media gaming arena, having snapped up InfiApps for up to US$39.2mln.

InfiApps made a profit of US$3.4mln in 2014, and Stride said the acquisition would immediately enhance its own earnings.

Stride is initially paying US$21.2mln in cash for InfiApps, but the cost of the acquisition could rise by as much as US$18mln, payable in cash, depending on how the acquired business performs.

The acquisition will combine Stride Gaming group's bingo-led expertise with InfiApps' social gaming expertise, both of which are complementary offerings to each other, Stride said.

The AIM-listed firm sees plenty of potential for significant operational leverage on an international scale, given InfiApps strong presence in North America and Australia.

“With revenue in the US social gaming industry alone forecast to exceed US$12.3 billion in 2017, this deal provides us with an opportunity to enter into the rapidly growing mobile social gaming space and will further advance and bolster our growing position in the online gaming sector," said Eitan Boyd, chief executive of Stride Gaming.

The market appeared to agree, with the shares rising 27p to 249p in early deals.

Oriole Resources outlines 2023 achievements and future exploration plans

Oriole Resources PLC (AIM:ORR) CEO Tim Livesey and chief financial officer Bob Smeeton join Proactive's Stephen Gunnion with details of the company's 2023 financial and operational performance. Livesey highlighted successful exploration programs in Cameroon, at the Bibemi and Mbe projects,...

1 hour, 21 minutes ago