Business
Acquisition
Acquisition.
About this update from Evoke Plc
[{"type":"text","content":"\n RNS Number : 5226N 888 Holdings plc 14 June 2010 \n \n\n14 June 2010\n888 Holdings Public Limited Company\n(\"888\")\n \nAcquisition of Mytopia\n \n888, one of the world's most popular online gaming entertainment and solutions providers, announces that it has entered, through a wholly owned subsidiary, into an agreement to acquire the assets comprising the Mytopia social games development studio from Real Dice Inc.\n \nThe assets acquired comprise: \n \n- a games development studio, specialising in developing cross-platform social games for smartphones, mobile handsets and social networking platforms including Facebook\n- numerous games, including \"Bingo Island 2\" (one of the top Bingo applications on Facebook) and a social poker application using the \"Pacific Poker\" brand \n- a real-time multiplayer mobile Poker application available for iPhone, Android, BlackBerry, Windows Mobile and J2ME handsets which has been installed by more than 1,000,000 users globally \n- a technology platform for hosting and operating real-time social games on social networks and mobile\n- a software licence for Particle Code™, a cross-platform application development framework for mobile devices and tablets\n \nThe assets acquired will form the cornerstone of 888's social gaming and mobile strategy, offering a seamless experience across different platforms. Social network and smartphone gaming applications will also be offered to Dragonfish B2B partners, allowing them to take advantage of this fast-growing area.\n \nDuring the year ended 31 December 2009 the assets subject of the acquisition generated an un-audited pro-forma loss of $0.1 million before tax. The target assets have no significant book value. \n \nThe consideration payable to the vendor consists of a base price and additional earn-out adjustments. The base price of $18 million will be paid as follows: $12 million cash payment upon completion and an additional $6 million payable in cash upon meeting certain milestones connected to the mobile and social networking games prior to 31 December 2011. An additional earn out payment in cash will be made cal...