Intema Solutions closes Livestream Gaming acquisition
Intema Solutions has closed its acquisition of Livestream Gaming after both parties put pen to paper on a definitive share agreement in January.
The Canadian company has now satisfied the remaining conditions for the release of escrowed funds and has purchased all of the issued and outstanding securities in Livestream.
With the deal’s closure, Intema has acquired Loot.bet, a server-based, real-money gaming platform owned by Livestream. This product, Intema said, is important for its esports and iGaming ambitions.
Laurent Benezra, the company’s President and CEO, commented: “This is a great day for Intema as Loot.bet is an important steppingstone for us in the esports and iGaming sectors.
“I would like to thank our shareholders, investors, employees and stakeholders for their overwhelming support and patience in closing this game-changing acquisition.
“In our view, Loot.bet’s online gaming platform is second to none and has great market and scaling potential.”
For the year ended 31 December 2021, Livestream recorded gross gaming revenue (GGR) of €2.2m ($2.5m) and a net loss of €173,818 as per the draft audited statements, mainly from gamers in Europe and Asia.
The consideration will be held in escrow until a filing statement is posted on SEDAR and a Toronto Stock Exchange (TSX) Venture Exchange bulletin is issued.
“With the Isle of Man online gaming licence in place, Loot.bet is well positioned to expand its operations globally, which enables us to accelerate our expansion,” added Benezra.
“Over the last year, Intema’s team has been working hard in parallel to build our esports and iGaming ecosystem in anticipation of this very moment, and we look forward to sharing our progress as we continue to expand our activities and focus on achieving profitable growth.”
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