Israeli social games developer Diwip sold for $100m

deal  merger  picture: photo to go

Diwip's buyer is Canadian company Imperus Technologies.

Israeli social games developer Diwip, which was founded in 2010, was sold last week to Canada's Imperus Technologies for $100 million cash and a small quantity of shares. $50 million will be paid immediately, and the remainder within two years, in accordance with certain milestones. Imperus, which changed its name a month ago from Isis Lab, has developed a social games platform called Casina that enables the monetization of practically any game or application in the online games industry.

Imperus, which was founded in the same year as Diwip, is smaller than the company it is acquiring, is traded on the Toronto Stock Exchange at a market cap of $29 million, after carrying out a reverse merger into a stock market shell in 2013. Diwip was founded by Yaniv Gamzo and Ehud (Udi) Kantzuker, who are the sole shareholders, in equal shares. They will thus each receive $25 million cash immediately, and up to a further $25 million each later on, assuming that Diwip meets the milestones in the sale agreement. After the sale to Imperus, Kantzuker will be co-president and Chief Product Officer of Diwip, and Gamzo will be co-president and Chief Technical Officer oif the company. Diwip increased its revenue from approximately $7.8 million in 2011 to $28.3 million in 2013.

Published by Globes [online], Israel business news - www.globes-online.com - on October 19, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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deal  merger  picture: photo to go
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