Snipp Interactive Inc. (TSXV: SPN) announced today the binding agreement to acquire gaming marketing agency Gambit Digital Promotions Inc. The transaction has a price tag of US$5 million.
Under the terms of the agreement, the consideration for the transaction will be composed of US$0.3 million in cash and US$4.7 million in Snipp shares, evaluated based on the volume-weighted average price.
Gambit Digital runs the gaming loyalty platform Gambit Rewards. The firm is known for its proprietary solution of turning unused loyalty points into free-to-play tokens in various gaming platforms, some of which can provide actual cash or cryptocurrency winnings.
“By including Loyalty Gaming as an integral part of the SnippREWARDS module of our proprietary SnippCARE (Customer Acquisition, Retention and Engagement) Platform, we will be the exclusive avenue through which our roster of Fortune 500 clients (and other permitted resellers) can incentivize their customers with gift cards to engage in iGaming and sports betting on the Gambit Loyalty Gaming platform,” said Snipp CEO Atul Sabharwal.
Snipp Interactive last traded at $0.28 on the TSX Venture but trading has been halted since the announcement.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
