Nazara Technologies incorporates new subsidiary Publishme Global in Dubai
Nazara Technologies, an Indian gaming company, has incorporated Publishme Global FZ-LLC as a step down fully-owned subsidiary in Dubai Media City.
Publishme Global has been formed by Nazara Technologies with paid up capital of AED 100,000, which has been split into 100 equity shares of AED 1000 each.
Belonging to the gaming and publishing industry, Publishme Global will be engaged in creating digital content, gaming and E-sports, media and marketing services, media and marketing consultancy, and news media.
It can be recalled that last month, Nazara Technologies had signed a deal worth around INR 20 crores to acquire a 69.2% stake in games marketing and publishing agency Publishme from Arrakis Tanitim Organizasyon Pazarlama San.Tic. Ltd. Sti.
Publishme is said to work extensively with gaming publishers in Turkey and the Middle East and North African (MENA) region.
Apart from the subsidiary announcement, Nazara Technologies reported its results for the first quarter of the fiscal year 2021-2022 (Q1 FY22). The Indian gaming company saw a profit after tax of INR 135 million in the reported quarter, compared to a net loss of INR 217 million.
Manish Agarwal — Nazara Technologies Group CEO said: “Nazara continues to see strong consumer and partner interest across each of our segments and business KPIs across segments continue to remain healthy in this quarter which will further help in reinforcing leadership position of the Company across esports, gamified learning and cricket simulation mobile game.”
“The recent acquisition of a majority stake in Publishme will further amplify our presence in MENA region. The acquisition will focus to build local execution capabilities cutting across key growth segments of freemium, gamified learning and esports.”