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Mytopia Acquired By 888 Holdings
2010-06-15 14:39:00 | Written by: Rachel Collins
888 Holdings, operators of 888Ladies among others, recently announced the acquisition of Mytopia from Real Dice, Inc. along with certain other gaming assets. This marks 888's entry into the social gaming arena, and 888 has indicated that Mytopia will serve as the platform for future growth within the social and mobile gaming niches. This acquisition includes a development studio specializing in mobile and social gaming, several existing games such as Bingo Island 2, a Facebook application and a mobile-friendly poker application.
888's independent software division Dragonfish which already powers many online bingo sites apart from 888 Ladies, including Tasty Bingo, Bingo Hollywood, Moon Bingo and Polo Bingo, will now be able to offer social and mobile applications as a part of their overall bingo and other gaming solutions provided to their current B2B clients. 888 Holdings CEO Gigi Levy commented that this acquisition further enhances his company's offerings and quantifies 888's ability to deliver gaming solutions across all possible platforms. 888Ladies owners predict that mobile and social gaming will be at the center of future growth in this already white-hot industry.
The terms of this deal consists of $12 million cash up front plus up to an additional $6 million earn-out should certain pre-negotiated milestones be met subsequent to the acquisition. The deal also calls for an additional earn-out up and above this $18 million based upon the profits of 888 during 2011. This component of the transaction can potentially add a whopping $48 million to the acquisition price. This certainly illustrates 888's desire to enter this high growth niche within the online gaming industry.
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