Gfinity (GFIN) shares are gaining on Wednesday after announcing it has acquired the trade and assets of SiegeGG Corporation.
SiegeGG operates siege.gg, a website for statistics, analysis and news around the Rainbow Six Siege video game. The company will become a part of the Gfinity Digital Media group.
Rainbow Six Siege is a first-person shooter game developed and published by Ubisoft. It has more than 70 million registered users.
The siege.gg website currently delivers one million page views per month and has nearly 100,000 Twitter followers.
SiegeGG Corporation, the previous owners of SiegeGG, will be issued 9 million Gfinity shares as part of the deal. The company's founders will also be entitled to an annual payment of 30% of revenues in the first two years following the acquisition. Additionally, they will be entitled to a yearly fee of 20% of the net profits generated by SiegeGG in the first two years following the deal.
Gfinity said the acquisition gives it ownership of the underlying technology used to develop SiegeGG's statistical analysis, which the company will use on other game titles.
“SiegeGG benefits from a highly engaged community of fans and industry-leading statistical analysis. Together with Gfinity's technology and engagement expertise, we look forward to taking the site to the next level and leveraging the technology across multiple game titles,” said John Clarke, Gfinity CEO.
Gfinity shares rose to 4.6p following the news. They are currently trading at 4.5p, up 1.12%.
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