Social gaming software platform developer and provider ISIS Lab has completed the acquisition of mobile and PC casual games developer Vast Studios for a fee of CAN$1.7 million (€1.2 million/$1.6 million).
Isis will pay an adjusted purchase price of CAN$1.7 million for all of the issued and outstanding shares of Vast, under an agreement that remains subject to certain circumstances.
The fee comprises CAN$600,000 in cash and CAN$600,000 through the issuance of 1,279,290 common shares of Isis at a price of CAN$0.469 per share.
Isis will then make two additional payments on January 21, 2015 and July 21, 2015, with each of these payments including an aggregate CAN$50,000 payable in cash and CAN$50,000 satisfied by the issue of common shares.
Furthermore, Isis will also make an earn-out payment of CAN$300,000 on a date no later than January 21, 2016.
This latter payment remains subject to reduction if the annualised revenue attributable to Vast’s business for the 12-month period after closing is below a particular target.
The agreement will see Vast become a wholly-owned subsidiary of Isis.
Daniel Kajouie, chairman, president and chief executive officer of Isis, said: “Vast, over the years, has demonstrated its capability to produce profitable games for its publishers.
“At Isis, we believe the future of gaming will reside at the intersection of social and real money games.
“With mobile gaming expanding more rapidly than ever, the acquisition of Vast will fuel our ability to expand development into this growing sector and provide proprietary games to our customers.”
source : www.igamingbusiness.com
