Shares of Nazara Technologies closed in today’s trading session on NSE 660.00 per share, up 4.64% from previous close 630.75. WildWorks, a leading American provider of interactive entertainment for children, has been acquired by Nazara Technologies Ltd., an Indian company with a variety of gaming and sports media operations. Today, Nazara announced that it will acquire a 100% stake in WildWorks and its IP from existing shareholders in an all-cash transaction. Wildworks revenue was US$13.8 million in CY21 and US$5.8 million in H1CY22, and EBITDA was US$3.1 million in CY21 and US$1.6 million in H1CY22.
“With our strong brand presence and talented Utah-based development team, WildWorks enables us to solidify our leadership position in the learning space for children,” said Nitish Mittarsain, Founder and MD, Nazara Technologies Ltd. He further added that “Building on the success of our Kidopia early education product for kids 8 Animal Jam K-12 player demographic 2-7, expands our reach with families while maintaining our focus on high quality educational content Successful brand partnerships like Ryan with Tag also demonstrate the potential to leverage the WildWorks platform in new categories.”
“With the ubiquity of connected mobile devices among children, parents are recognizing that monitoring the quality of a child’s screen time is as important as the quantity,” Mitersen said. “WildWorks has earned the trust of millions of families through its approach to safe. The global capabilities of social gameplay and vision in Animal Jam will help bring those experiences to millions.”
Stacey, CEO of WildWorks, said, “Joining Sight enables a new phase of growth and international reach for WildWorks and our games. Our company’s goal has always been ‘fun with matter’. Therefore, paramount to us. Of importance, it was to find a partner who shared our commitment to improving children’s lives and earning the trust of parents through play. We immediately resonated with the Nazara team and were inspired by Paper Boat Apps and Kidopia. We are joining a great family, and I think our sports community will be delighted with the results.”
With today’s collaboration, WildWorks expects to expand into new products and territories by 2023 and beyond. As part of the “Friends of Nazra” network, the company’s two original founders, CEO Clark Stacy and COO Jeff Amis, will continue in their current roles.
According to the shareholding pattern in Nazra Technologies of late investor Rakesh Jhunjhunwala, which has been publicly disclosed on BSE, he held 65,88,620 shares or 10.03 per cent stake in the firm during the quarter ended June 2022. 864,494 shares were traded. Overall, that is less than the 20-day average volume of 1,640,343 shares during today’s closing session. Shares of Nazara Technologies Limited have gained 3.76% in last one month and 2.92% in comparison to last five trading sessions. The stock touched a 52-week high on the NSE (11-Oct-2021) 52-week low of 1,678.00 and 475.05 (22-Jun-2022) indicates that the stock is trading 60% below the high and 38% above the low at the current market price.
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