News and Announcements
iSentric Limited Acquires My Play Company Limited
- Published July 18, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
iSentric Limited (ASX: ICU) has recently announced a Sale and Purchase Agreement for the acquisition of My Play Company Limited. The Term Sheet for the MyPlay acquisition was announced on the 23rd March 2017.
KEY TAKEAWAYS:
- The consideration for MyPlay includes “equal components of cash and shares In iSentric; payable over two years dependant on the future performance”.
- The consideration is up to $6 million and payable over three tranches.
CEO of iSentric, Sean Tham said that the acquisition MyPlay; provides iSentric with access to Myanmar, which is a large and rapidly growing market for mobile games and payments; and will allow iSentric to utilise MyPlay’s technology to expand into social gaming markets in Asia. Social gaming is large market that is continuing to grow rapidly.
MyPlay will enhance iSentric’s Digital Media Services business and provide a foundation to expand the combined business in existing markets and to access additional markets in Asia. We look forward to working with the founders of MyPlay, Myint Kyaw Thu and Zaw Ye Myint, to expand MyPlay into additional markets and work with our partners to establish Pan Asian social gaming products.
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