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After the acquisition of Nazar Technologies, the shares rose by 1.64 per cent to Rs 641.05, announced by US children’s interactive entertainment company WildWorks. The company has acquired all the shares of Wildwork company and its IP from existing shareholders and all cash transactions. The aggregate acquisition cost is $ 10.40 million, which is paid to creditors of WidWorks Inc in cash at closing trade. Any consideration will not be received for the proposed acquisition. The revenue of WildWorks was $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.
“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,” said Nitish Mittersain, Founder and MD of Nazara Technologies. “The 8-12 player demographic of Animal Jam builds on the success of our Kiddopia early learning product for kids 2-7, extending our reach with families while maintaining our focus on high-quality educational content. Successful brand partnerships like Tag with Ryan also showcase the potential for leveraging the WildWorks platform in new categories.”
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“With the ubiquity of connected mobile devices among kids, parents are recognizing that the quality of a child’s screen time is as vital to monitor as the quantity,” Mittersain observed. “WildWorks has earned the trust of millions of families through their approach to safe social gameplay in Animal Jam, and Nazara’s global capabilities will help bring those experiences to millions more.”
The India-based leading company is Nazara Technologies which has a diversified gaming & sports media presence in India and across emerging global markets, including Africa and North America. The consolidated net profit of Nazara Technologies rose 22.2 per cent to Rs 16.50 crore, and net sales hit a high of Rs 223.10 crore in the first quarter of FY2023 over the first quarter of FY2022.
