Diversified gaming and esports media platform Nazara Technologies has acquired skill-based gaming company OpenPlay for Rs 186.4 crore ($25.5 million according to current exchange rates).
The acquisition will help Nazara add revenues from the real-money gaming sector.
“The OpenPlay acquisition offers an opportunity for Nazara to build a network of skill gaming destinations operating on one common tech platform under the proven leadership of Sreeram and his team at OpenPlay,” said Manish Agarwal, CEO of Nazara in a statement issued by the company.
Founded in 2012 by Sreeram Reddy Vanga, OpenPlay operates a multi-game consumer gaming platform under the Classic Games brand.
“Our technology complemented by Nazara’s positioning in the gaming industry in India is the perfect combination for this endeavour,” said Sreeram Reddy Vanga in the statement.
The company will join the ‘Friends of Nazara’ network which includes gaming companies in which Nazara holds majority stakes. The network includes Nodwin Gaming, Sportskeeda, Paper Boat Apps, among others.
Nazara Technologies posted profits of Rs 13.4 crore for the April-June quarter, while its revenue jumped to Rs 1,31.2 crore for the quarter, as compared to Rs 90.5 crore in the year-ago period.