Fast-growing creator-media company QYOU Media has today announced the completion of its majority stake acquisition in Maxamtech Digital Ventures, which creates mobile games and technology relating to the industry.
Whilst the cost of this acquisition has not been disclosed, having purchased a majority stake of 51 percent out of all outstanding and issued shares in Maxamtech Digital Ventures, QYOU Media now has effective control over the business. QYOU has also agreed terms to purchase the remainder of shares through the coming years up until 2025.
Upcoming plans
This acquisition by QYOU Media is the latest move in its efforts to expand its audience, already 125 million strong on a weekly basis in India. Its portfolio has many direct-to-consumer products, and together Q India (QYOU’s Indian branch) and Maxamtech are planning to launch a new gaming portal this year, as reported by Investing News Network.
Plans to acquire the company were first revealed in October 2022.
“We know that for brands and users alike, the growing attraction and engagement of mobile gaming is at the centre of their universe,” said QYOU Media CEO and co-founder Curt Marvis.
“We are firm believers that the sky’s the limit to the extent we can leverage the synergies and growth opportunities in the Maxamtech business with our current channel and influencer-driven capabilities.”
Maxamtech Digital Ventures co-founder Xerxes Mullan stated: “We have been conceptualising and working with the team at Q India since the signing of the term sheet so we are hitting the ground running.
“There is such a massive opportunity for user growth and revenue generation in the mobile gaming space in India and we feel like the timing could not be better for us to harness the audience reach of the various Q distribution channels with our proven ability to generate sticky gameplay for casual mobile gamers. It is great to now be fully started and we expect to have products available in the market in Q1 2023.”
Also in India, developer Giga Fun Studios recently announced its raising of $2.4 million in a seed funding round.