Updating the market, London-AIM listed online gambling group Stride Gaming has confirmed that it has acquired a 51% stake in Indian operator Passion Gaming.
Issuing a corporate update, Stride governance has disclosed that it has acquired its controlling stake in Passion Gaming for a total cash consideration of $3.75 million.
Chandigarh-based Passion Gaming is the operator of popular Indian Rummy portal RummyPassion.com. Stride governance details that the acquisition will gain the company a foothold in the burgeoning Indian ‘skills gaming market’.
Bobby Garg, Founder and CEO of Passion Gaming will continue to lead the company under Stride Gaming ownership.
In its corporate update, Stride governance detailed that it had first right to acquire the remaining 49% of equity in Passion Gaming. The company will move to expand RummyPassion.com’s games portfolio with further investment in the asset.
Updating investors, Stride Gaming CEO Eitan Boyd stated that his company had gained a important asset for its accelerated growth strategy.
“We have been monitoring the Indian market for some time as we see strong dynamics in the current environment as well as long-term growth potential. Our UK market experience and proprietary technology advantage, combined with Passion Gaming’s market positioning and operational focus creates a highly attractive proposition,” Boyd said in a statement.