Nazara Technologies, has announced a 100% interest in OpenPlay, of Hyderabad, India for $25.4 million USD
OpenPlay operates a skills-based gaming platform under the “Classic Games” brand, which hosts a slew of widely popular games. According to OpenPlay, the company operates at the highest standards of technology, advanced player protection, game fairness, AML, security, and advertising standards.
The company operates at an annualized gross gaming revenue of $11 million USD, with positive profit margins. The company hopes to expand its userbase and increase revenues further in the coming months with the launch of an influencer-based skills tournament for gamers of all ages.
OpenPlay is currently run by Sreeram Reddy Vanga. Vanga is a well-known gaming entrepreneur in India and has made a footprint globally, having previously founded CozyGames. Mr. Vanga was also an early part of PartyGaming, which went IPO on the London Stock Exchange in 2005 with a valuation of $8.46 billion USD.
CEO Manish Agarwal of Nazara said, “The OpenPlay acquisition offers an opportunity for Nazara to build a network of skill gaming destinations operating on one common tech platform under the proven leadership of Sreeram and his team at OpenPlay.”
Mr. Vanga said, “I’m excited to join the ‘Friends of Nazara Network’ and look forward to working closely with Nazara leadership and the Network to build India’s largest vernacular social gaming and entertainment platform. Our technology complemented by Nazara’s positioning in the gaming industry in India is the perfect combination for this endeavor.”
Read more about the Nazara acquisition, HERE