Nazara Technologies acquires US-based gaming firm WildWorks

Nazara Technologies Limited, an India-based gaming and sports media company, announced today that it is acquiring the US-based children’s interactive entertainment company WildWorks. Nazara has said acquire 100 per cent of the company and its IP from existing shareholders in an all-cash transaction. WildWorks revenues were $13.8 million in CY21 and $5.8 million in H1CY22, and EBITDA were $3.1 million in CY21 and $1.6 million in H1CY22.

The Rakesh Jhunjhunwala-backed firm stated that the founders of WildWorks, CEO Clark Stacey and COO Jeff Amis, will remain with the company in their current positions and lead its next
phase of growth as part of the “Friends of Nazara” network.

Nitish Mittersain, Founder and MD of Nazara Technologies Ltd said, “With its strong brand presence and talented Utah-based development team, WildWorks enables us to solidify our leadership position in the gamified learning space for kids.”

WildWorks CEO Stacey said, “Joining Nazara enables a new phase of growth and international reach for WildWorks and our games. Our company goal has always been ‘Fun with Substance.’ So, of paramount importance for us, was finding a partner who shared our commitment to improving kids’ lives through play and earning the trust of parents. We immediately resonated with the Nazara team and respect the commitment they’ve already made to kids through Paper Boat Apps and Kiddopia. We’re joining a great family, and I think our player community will be ecstatic with the results.”

Shares of the online gaming company Nazara Technologies gained nearly 3 per cent today after the announcement. Nazara Technologies stock rose 2.64 per cent to a high of Rs 647.35 against the previous close of Rs 630.70 on BSE.

The gaming company’s stock opened higher at Rs 637.50 on BSE. The stock has lost 29.1 per cent in a year and fallen 43.85 per cent in 2022. Business Today