SUMMARY
Snax Games is a mobile gaming company developing a new genre called casual multi-game
Nazara has also acquired the exclusive rights to publish Snax’s games in the Indian subcontinent and the Middle East on a revenue-sharing basis for five years
Nazara, which has been on an acquisition spree since last year, saw its consolidated profit after tax rise 31% year-on-year and 75% quarter-on-quarter to INR 20.9 Cr in Q1 FY24
Online gaming major Nazara Technologies has invested $500K (about INR 4.15 Cr) in Israel-based game developer Snax Games Ltd via its wholly-owned Singapore-based subsidiary Nazara PTE Ltd.
In a statement, Nazara said it has also entered into a publishing agreement with Snax Games and acquired the exclusive rights to publish the latter’s games in the Indian subcontinent and the Middle East on a revenue-sharing basis for five years.
Snax Games is a mobile gaming company and its leadership team brings over 20 years of experience in the gaming space, with a track record of developing multiple top-grossing games and IPs with over $1 Bn of accumulated revenue.
Nazara said Snax Games is developing a new genre called casual multi-game. Its first game, Parties & Puzzles, delivers a new experience that has redefined the puzzle category.
The game will also be made available soon through Nazara’s publishing platform, Adam Gal-Ed, CEO of Snax Games said.
Based on the Simple Agreement for Future Equity (SAFE), Nazara PTE will acquire equity shares in Snax Games at a future date, subject to fulfilment of the terms and conditions as set forth in the agreement.
Following the announcement, Nazara shares jumped 5.5% on the BSE in intraday trading on Wednesday (August 16), ending today’s session at INR 698.65.
Nazara has been on an acquisition spree for more than a year now. The company, through its various subsidiaries, has acquired stakes in multiple companies including Pro Football Network LLC, Wings, and Datawrkz. In May this year, Nazara also agreed to purchase an additional 19.5% stake in its subsidiary Next Wave Multimedia, which it first acquired in 2018.
Nazara’s consolidated profit after tax (PAT) rose 31% year-on-year (YoY) and 75% quarter-on-quarter to INR 20.9 Cr in Q1 FY24. Its operating revenue also increased 14%YoY to INR 254.4 Cr during the quarter.
During its quarterly results last month, Nazara founder, CEO and joint MD Nitish Mittersain had said that the company continued to build a healthy pipeline of M&A opportunities in various segments.
