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QYOU Media Inc. announced that it has executed a binding term sheet to acquire a majority ownership stake in Maxamtech Digital Ventures, a six year old India based venture creating technology and games for the mobile gaming industry. Maxamtech currently operates, via its proprietary platform Gaming 360, 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. This includes recent announcements surrounding the launch of the QPLAY app and a subsequent co-marketing agreement for QPLAY running during the current T20 World Cup Cricket competition.
The mobile gaming business in India has experienced an unprecedented rise in recent years. KPMG has reported that there are 420 million online gamers in India, making it second only to China. This trajectory is being driven by the growing younger population that finds itself with more disposable income combined with a rapid rise in the use of smartphones. Revenue in the mobile gaming business is expected to reach over $5 billion USD in 2025, largely fueled by discovery and adoption of casual and free to play games, a specialty of Maxamtech’s Gaming 360 platform.
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Maxamtech Digital Ventures , located in Pune India, was founded in 2017 by Xerxes Mullen and Sundeep Thusu, both veterans of the India gaming industry. Their respective list of clients and partners over the years have included Disney India, Sony, Viacom 18, Zee5, Ooredoo, Glance, SpiceJet and many others. Most recently, the company announced a key partnership with Vodafone to increase the major telco’s efforts in the mobile gaming category. Both Maxamtech founders will continue to serve lead roles in the business overseeing all technology, business development and marketing efforts.
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.”
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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.”
Pursuant to the Binding Term Sheet, 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 closing of the acquisition is subject to closing conditions customary for transactions of this nature and the company expects to have finalized the initial purchase before the end of 2022.
