US-based company set to buy Best Casino developer for $50m plus earn-out payments of up to additional $50m
Online gaming convergence company Imperus Technologies has today announced a deal to acquire social casino operator diwip for up to US$100m.
The US-based firm, developer of the social gaming software platform CASINA, agreed to acquire the Best Casino developer for a closing purchase price of $50m, as well as additional earn-out payments of up to $50m over two years.
The deal includes $40m to be paid in cash, as well as $10m by the issuance of common shares, and will see diwip co-founders Udi Kantzuker and Yaniv Gamzo resign as directors but continue in their senior officer roles of CPO and CTO respectively.
Tel Aviv-based diwip, which was founded in 2010, has approximately 24 million registered customers and recorded revenues of $28.3m and EBITDA of $14.7m in 2013.
Diwip placed 18th in this year’s Social Casino Intelligence Power 25 and Imperus said the acquisition would provide the company with quick access to the US and other large gaming markets including Australia and the UK.
“The acquisition of diwip provides Imperus immediate access to a broad market base,” Daniel Kajouie, president and CEO of Imperus, said.
“Diwip’s proprietary online social gaming and mobile gaming products are synergistic with the Imperus product line and our philosophies,” he added. “Messrs. Gamzo and Kantuzker have built a great company to date, and we are thrilled to have them join our team with a common vision of building Imperus to great new heights.”
