Majesco’s GMS acquires Orid and Pariplay
Video games publisher Majesco Entertainment Company has struck an agreement to acquire Orid and Pariplay through GMS Entertainment Limited, a new venture that will focus on online casino games.
The acquisitions of Orid and Pariplay are still subject to obtaining certain regulatory approvals, but as part of the deals, Majesco will invest a total of $3.5 million (€2.6 million) to $4.5 million, depending on GMS's future financial performance, to acquire a 50% interest in GMS.
The founder of Orid and Pariplay will hold a 50% stake in GMS.
Orid designs and develops fixed odd and random-based online and mobile games for use in real money online games, social casinos and lottery systems. Pariplay is a licensed online gambling operator headquartered in the Isle of Man, operating online gaming sites on an owned and white label basis.
Jesse Sutton, Majesco’s chief executive officer, will serve as the chairman of GMS.
'I am incredibly excited about this opportunity in the fast growing online gaming market and partnering with these talented individuals,' Sutton said.
'During this transition year in console gaming, we have been actively exploring emerging growth opportunities in the social and online casino gaming industry to supplement our existing business.
'Entering the market through this partnership allows us to participate in a rapidly growing market segment and position the company for longer term growth as more jurisdictions move to legalise real money online gaming. The complementary skills and abilities of all involved are expected to result in a successful venture.'
The company also completed a registered direct offering selling 3.3 million shares of common stock to a new investor, Yair Goldfinger, at a price of $0.60 per share. Goldfinger, an angel investor in Orid and Pariplay, serves as chief executive officer at AppCard.