MetaVerse and gaming tech company OneVerse have acquired Spartan Poker for an undisclosed sum, as macroeconomic headwinds and unfavourable GST rules lay the groundwork for consolidation in the real money gaming space.
"This is a continuation of OneVerse's merger and acquisition strategy, looking to consolidate the gaming market and work towards becoming India's premier gaming company," it said in a statement.
The recent macroeconomic headwinds have unlocked momentum for merger and acquisition opportunities and the company is looking to close a few additional acquisitions for $120 million in the next three months, it said.
Spartan claims to have over 20 lakh registered users, making it one of the largest online platforms for poker in India.
"Spartan has a huge user base with a definite path to profitability. The potential for immersive transactions through online gaming makes it a perfect fit for OneVerse's MetaVerse-based gaming platform," said Dhyanesh Sundarmurthy, co-head at RMB Capital India Pvt., who acted as OneVerse's advisor on the transaction.
The deal entails the integration of networks and players on the platform. While it is a 100% buyout, the management team will remain and continue to deliver growth and further value creation, he said.
The acquisition establishes OneVerse as an innovation hub, blending Spartan's creative talent with OneVerse's technological expertise to drive the next wave of gaming innovations.
"Gamers can now anticipate an expanded portfolio of cutting-edge games that seamlessly integrate immersive experiences with state-of-the-art technology," the company said.
With a widened global footprint, OneVerse is poised to reach new markets and engage with diverse gaming communities around the world, it said.
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