Animoca Brands Corporation Limited has acquired Gamee Limited, a social casual gaming platform with over 80 game titles and 13 million registered users playing its games primarily on social media platforms such as Telegram.
The Gamee acquisition is for a total consideration of about $6.53 million payable in Animoca shares, as well as earn-out payments of up to $1.63 million in either cash or shares, based on the achievement of revenue and profit milestones.
Popular gaming platform
Gamee has recorded more than 4 billion gameplay sessions to date and on average, each user plays Gamee’s games for 25 minutes a day.
Users can take part in gaming tournaments, share their gaming activity, and compete with friends on different social media including Facebook, Telegram, and Viber.
The acquisition confers to Animoca a number of powerful advantages, including Gamee’s in-house HTML5 skills and resources and access to a highly active gaming community of 1.3 million monthly active users.
HTML5 is the latest revision to HyperText Markup Language (HTML), the standard programming language used to provide web content.
HTML5-based web gaming is a fast-growing gaming segment to which Animoca had limited exposure prior to the acquisition.
HTML5 was developed to address the compatibility issues of the current standard (HTML4), provide expanded functionality across a broad range of platforms and devices, and eliminate the need for plugins.
According to a report by ResearchAndMarkets, the global browser games market is expected to grow to US$26.26 billion by 2020 and reach US$28.18 billion by 2023.