Nazara Technologies acquires skill gaming company OpenPlay for Rs 186cr
Nazara Technologies, an Indian gaming and sports media company, has acquired OpenPlay Technologies, a Hyderabad-based skill gaming company, for INR 186.4 crores.
OpenPlay Technologies has a multi-game consumer gaming platform, operated under the “Classic Games” brand. Through the brand, the platform hosts skill-based games such as Fantasy Sports, Quiz, and Rummy.
Presently, OpenPlay Technologies has an annualized gross gaming revenue run rate of INR 80 crores. Following the recent launch of influencer hosted skill gaming tournaments, the skill gaming company is expected to expand its user base at a rapid pace in the coming quarters, said Nazara Technologies.
OpenPlay Technologies is led by Sreeram Reddy Vanga, a serial entrepreneur in the global online gaming sector.
Previously, Sreeram Reddy Vanga had founded and led CozyGames, a Bingo network in the UK.
Sreeram Reddy Vanga and Unnati Management Consultants are the sellers of OpenPlay Technologies.
Sreeram Reddy Vanga said: “I’m excited to join the ‘Friends of Nazara Network’ and look forward to working closely with Nazara leadership and the Network to build India’s largest vernacular social gaming and entertainment platform. Our technology complemented by Nazara’s positioning in the gaming industry in India is the perfect combination for this endeavour.”
The “Friends of Nazara” network, which is made up of gaming companies in which Nazara Technologies has majority stakes and actively works with existing founders and management teams to achieve scale rapidly. The companies in the network include Nodwin Gaming and Sportskeeda in Esports Next Wave Multimedia, and Paper Boat Apps.
Manish Agarwal — Nazara Technologies CEO said: “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.
“Sreeram is a successful entrepreneur globally in online real money gaming and we are excited that he will be leading Nazara’s growth in this sector.”
Last month, Nazara Technologies incorporated a step down fully-owned subsidiary called Publishme Global FZ-LLC in Dubai Media City. Prior to this, the Indian gaming company had acquired a 69.2% stake in Turkish games marketing and publishing agency Publishme.