Gfinity Plc (LON:GFIN) has been named as Microsoft’s official global tournament partner for the Forza Racing Championship on the Xbox.
The AIM quoted eSports group is providing the platform that will host and broadcast the gaming competition, both online and offline.
The Forza Racing Championship is a four week competition, starting with an event at Microsoft’s flagship store in New York.
That event will host elite players from around the world, and it triggers an extension of the tournament which will subsequent open up – via invitational events – to other elite and casual gamers.
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It will culminate in a finals event, at an as yet undisclosed location, where the winner can win US$100,000 in prizes.
Neville Upton, Gfinity chief executive, said: “Everyone at Gfinity is extremely proud to be appointed by Microsoft to manage their prestigious Forza Racing Championship and our technology and expertise means we are capable of showcasing such an important tournament.
“Gfinity has spent years dedicated to building the best eSports tournament designs and platforms in the world, and we are beginning to receive international recognition for it.
“Microsoft and Xbox have always been at the forefront in gaming, and we are looking forward to working closely with their world class team to deliver the most exciting and engaging Forza tournament ever."
In late morning trading, Gfinity shares were over 10% higher, up 2.00p to 21.25p.
Speed dating boost ...
Meanwhile, in a recent note to clients following a “speed dating” lunch with the management of five companies – including Gfinity - not under its normal coverage, broker N+1 Singer was upbeat on the company.
Analyst Oliver Knott noted that: “eSports is an unique area of growth which has largely flown under the radar up to now, and Gfinity is the only pure-play UK investment opportunity in the space that we are aware of.”
He added: “If the Elite Series is a success, the group will have successfully built upon its strong reputation for partner events, and created a credible asset in this exciting space.”
The analyst concluded: “We see Gfinity as the primary way for UK investors to gain exposure to the eSports market and, with consistent execution, see potential for the group to extract significant value from its unique position within this $1bn+ industry.”
He added: “Execution remains key, but we believe the group is as well placed today as it has been at any time since IPO. We continue to monitor progress closely.”