Latest Stryking Entertainment News
Apr 8, 2019
Photo by JESHOOTS.COM on Unsplash April 8, 2019 ASX-listed gaming company, Animoca Brands plans to acquire Stryking Entertainment, Germany-based creator of fantasy sports game Football-Stars, for $1.1 million (1 million euros), according to a statement. This purchase will be made in common shares, and may go up to $2.2 million (2 million euros) in earn-out cash payments, options or shares. The acquisition is still subject to shareholders’ approval. The acquisition adds to Animoca’s licencing arrangements with major international sports brands like Formula 1 and Major League Baseball. Stryking’s Football-Stars also aligns with Animoca’s blockchain and NFT (non-fungible token) strategy. Stryking also holds official licenses from top football leagues Bundesliga and Bayern Munich to use assets like club logos and player pictures for content. Animoca co-founder and chairman Yat Siu said: “The acquisition of Stryking cements Animoca Brands’ leadership in blockchain games, collectibles and sports. Fantasy sports is a $7-billion industry and a perfect use case for blockchain and NFTs.” The statement adds that the buyout will be funded by an oversubscribed capital raise of $3.3 million (A$4.6 million), backed by international blockchain investors, Australian institutional investors and existing shareholders. It include names like Perennial Value Management, SG Hiscock, existing shareholders Sun Hung Kai, Katherine Yip-Ribeiro and Moses Tsang, and blockchain investors, Stellar Partners, Blocore, and Plutus VC. This will allow Animoca to take advantage of business opportunities to fast track the development and promotion of upcoming games and NFT launches.