- Enthusiast Gaming (EGLX) has acquired Tabwire
- Enthusiast Gaming made a cash payment of US$5 million and issued 790,094 common shares at an agreed value of CAD$9.51 per share
- Developing a proprietary product like Project GG will also enhance Enthusiast Gaming’s ability to deliver a more complete fan experience
- The acquisition adds proprietary technology and a database of 13 million gamer profiles
- Enthusiast Gaming Holdings Inc. (EGLX) is down 2.26 per cent and is trading at C$6.92 at 2:16 pm ET
Enthusiast Gaming Holdings Inc. (EGLX) has closed its acquisition of Tabwire LLC, which owns TabStats.
Enthusiast Gaming made a cash payment of US$5 million and issued 790,094 common shares at an agreed upon value of CAD$9.51 per share, for total consideration of US$11 million.
The common shares are subject to a contractual lock-up with 66.66 per cent released twelve months following the closing date, 16.66 per cent released fifteen months following the closing date, and 16.67 per cent released eighteen months following the closing date.
Tabwire is a proprietary technology and data platform that enables gamers to create a cross-platform registered user identification profile to track and directly view their game data in real-time.
In addition, it offers a unique feature set including a cheater detection system that enhances fair gameplay by generating a player trust ranking system for its registered users.
Tabwire has already built game play companion tools for Riot’s Valorant and Ubisoft’s Rainbow Six Siege with more than 13 million gamers interacting with the platform, collectively generating more than half a billion views in the last year with an aggressive roadmap to launch real-time stats for additional game titles in the coming months.
This provides Enthusiast Gaming with a technology and data platform that accelerates the development of its pan-Enthusiast social network and freemium subscription offering, codenamed Project GG.
As Millennials and GenZs move away from traditional social networks, Project GG
will be a cross-platform, gaming-centric social network, uniting gaming and esports fans with a platform to connect and share content through their unique gaming profiles, whether it be on desktop, mobile, or in-game.
Developing a proprietary product like Project GG will also enhance Enthusiast Gaming’s ability to deliver a more complete fan experience with a more targeted, engaged, and personalized journey for gamers and customers alike and represents a significant step towards its evolution to a technology-powered, media, esports, and entertainment company.
“As a gamer myself, I can genuinely say that the technology behind Tabwire is a game changer for the industry as it provides the foundation for a new form of community allowing gamers to connect, interact, and compete in a trusting environment,” said Menashe Kestenbaum, Founder and President of Enthusiast Gaming.
Enthusiast Gaming is building the largest media and content platform for video game and esports fans to connect and engage worldwide.
Enthusiast Gaming Holdings Inc. (EGLX) is down 2.26 per cent and is trading at C$6.92 at 2:16 pm ET.