Nazara Technologies Completes its first acquisition Post-IPO
Nazara Technologies, gaming and sports media platform has made its first acquisition after it listed in March 2021.
The company has signed a binding term sheet to acquire West Asia- and Turkey-based mobile gaming publishing agency, Publishme in a primary and secondary purchase worth $2.7 million.
Manish Agarwal, chief executive officer, Nazara Technologies says, “We operate across key gaming segments of premium Esports and gamified learning and have a strong presence in North America and India. Now if any of these entities will have to expand their footprint into newer geographies, they would like to acquire execution capabilities. And if we have to expand our business in the MENA region we will need publishing and hence the Publishme acquisition helps us in this strategic growth.”
Nazara will buy 69.82 percent of the company, as it looks to strengthen its presence in the Middle East and North Africa (MENA) region.
Nitish Mittersain, founder and joint managing director, Nazara Technologies says, "MENA is a key geography for us and this acquisition will help us in establishing ourselves as a key player in the region. We are excited to have someone with deep regional knowledge and capabilities like Özgür and his team join the ‘Friends of Nazara’ network."
For the financial year ending March 2021, Nazara’s revenues surged 83 percent to Rs.454 crore. While gamified early learning and Esports together contributed 76 percent to total revenues, the company reported a profit at the earnings before interest, taxes, depreciation, and amortization (Ebitda) level worth Rs.45 crore against a loss of Rs5.6 crore last fiscal year.