Nazara Technologies Acquires US-Based Kids Gaming Company WildWorks
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In an all-cash deal, the gaming and media company Nazara Technologies has purchased a 100% share in the US-based children's game developer WildWorks. Clark Stacey and Jeff Amis, the founders of WildWorks, will continue to hold the positions they already hold as company leaders under the terms of the agreement. Following the acquisition, WildWorks intends to create new apps, localise its current "Animal Jam" game for additional regions, and create interactive experiences around the brand (Nazara). Nazara will bolster its position in the gaming sector while utilising the WildWorks brand and tech team.
"Joining Nazara enables WildWorks and our games to enter a new chapter of growth and global reach. Fun with Substance has always been our company's motto. Therefore, finding a partner who shared our dedication to enhancing children's lives through play and gaining the trust of parents was of the utmost significance to us, according to Stacey, founder and CEO of WildWorks.
WildWorks is a game and entertainment firm that focuses on kids and was established in 2003. It creates instructional mobile and desktop games for kids between the ages of 8 and 12, such as Animal Jam and Tag with Ryan. Over the past ten years, WildWorks claims to have tracked more than 150 million players.
According to WildWorks, its sales for the fiscal year 2021-2022 were $13.8 million, and its EBITDA was $3.1 million. While the firm reported $5.8 million in revenue and $1.6 million in EBITDA in the first half of CY22.
According to Nitish Mittersain, founder and MD of Nazara, "The success of our early learning product Kiddopia for children ages 2 to 7 is built on by the 8 to 12 player demographics of Animal Jam. The potential to use the WildWorks platform in new categories is also demonstrated by successful brand alliances such as Tag with Ryan.
Mittersain founded the media and gaming company Nazara, which has its headquarters in Mumbai. The World Cricket Championship, CarromClashKiddopia, NODWIN, PublishMe, Sportskeeda, OpenPlay, Halaplay, and Qunami are just a few of the gaming and media platforms it runs. Nazara claims to be present across all geographies, including North America, Africa, and India.
Recently, Nazara invested INR 20.10 Cr in Absolute Sports, a platform that runs the esports website Sportskeeda. Before that, NODWIN Gaming, a subsidiary of Nazara, bought a 35% share in the gaming accessory firm Wings, and Nazara Pte. Ltd., the group company, invested $2.5 Mn in the gaming fund BITKRAFT Ventures.
In comparison to the INR 4.9 Cr PAT recorded in Q4 FY22, Nazara's profit after tax (PAT) increased by 22% YoY to INR 16.5 Cr in the June quarter of the fiscal year 2022-23. Additionally, its operating revenue increased by 70% to INR 223.1 Cr in Q1 FY23 from INR 131.2 Cr in the same quarter of the previous fiscal year.
