- QYOU Media Inc. (QYOU) has signed a binding term sheet to acquire a majority ownership stake in Maxamtech Digital Ventures
- Maxamtech Digital Ventures is an India-based venture creating technology and games for the mobile gaming industry
- QYOU Media has agreed to purchase a stake in the issued and outstanding shares of Maxamtech, giving it majority control
- QYOU Media operates in India and the United States, producing and distributing content created by social media stars and digital content creators
- QYOU Media Inc. (QYOU) is down 3.03 per cent, trading at C$0.32 per share at 10:15 am EST
QYOU Media (QYOU) has signed a binding term sheet to acquire a majority ownership stake in Maxamtech Digital Ventures.
Maxamtech is an India-based venture creating technology and games for the mobile gaming industry. Maxamtech currently operates a variety of gaming destinations for companies, including Vodafone and Glance.
The acquisition continues the recent push by QYOU Media and The Q India to ramp up its portfolio of direct-to-consumer products as it moves into 2023.
Maxamtech Digital Ventures was founded in 2017 by Xerxes Mullen and Sundeep Thusu, both veterans of the India gaming industry.
Xerxes Mullen commented on the acquisition,
“We have been looking for the right partner to take our business to the next level. Gaming continues to be one of the biggest opportunities in the India media and entertainment segment, and we feel completely aligned with the QYOU Media and Q India management teams on how we can really grow our operation in a smart and profitable way. We couldn’t be more excited to begin this journey together.”
QYOU Media CEO and Co-Founder Curt Marvis added,
“We originally met the Maxamtech founders over a year ago. Right away, we knew there could be a powerful combination of their technology and gaming know-how with our ability to reach young audiences on a mass scale that has now surpassed 125 million weekly viewers. As we push forward into 2023 to create greater opportunities to leverage our audience reach with new products for monetization and interactivity, it was a natural fit to bring this into our business more directly.”
QYOU Media has agreed to initially purchase a stake of the issued and outstanding shares in the Maxamtech business giving it majority control over the enterprise. The transaction is expected to close before the end of the year.
Created by industry veterans from Lionsgate, MTV, Disney and Sony, QYOU’s millennial and Gen Z-focused content reaches more than 650 million consumers around the world.
QYOU Media Inc. (QYOU) is up 3.57 per cent, trading at C$0.145 per share at 10:40 am EST.
