Gfinity to acquire Epicstream
Esports group Gfinity has acquired Epicstream, a news community for fantasy and sci-fi movies, television, video games, collectable cards and comic books.
Gfinity believes it will be able to grow both users and revenues at Epicstream through the deployment of a search engine optimisation strategy, technology toolkit and advertising performance optimisation techniques.
The two founders of Epicstream will each be issued with 10.0m shares in Gfinity, of which two-thirds will be locked-in for a period of one year from issue, and will also be entitled to an annual payment of 30% of revenues generated by EpicStream, subject to appropriate caps, in each of the first two years following the acquisition.
Elsewhere, Gfinity said its GDM unit had delivered "another record month" in November, with revenues exceeding £275,000 for the first time, and was on track to deliver full-year revenues of roughly £2.0m.
Chief executive John Clarke said: "A key pillar of our company strategy is to focus on products and services that we own. This is where GDM sits. The team has done an amazing job of growing our organic sites and partnering with larger media groups who want to connect with gamers.
"The team is also focused on identifying acquisition opportunities. Epicstream is the first of these and we could not be more excited about having the team on board."
As of 1040 GMT, Gfinity shares were down 2.22% at 3.52p.