Virtual sports developer Leap Gaming has scored a strategic partnership with media behemoth IMG Media.
Leap Gaming’s suite of virtual products will complement IMG’s streaming and official data services providing “significant strategic momentum for both businesses.”
Freddie Longe, senior vice-president and managing director at IMG Gaming, said: “Our partnership with Leap Gaming significantly expands IMG Gaming’s touchpoints with the sports betting and gaming sector.
“We are excited to begin the journey of executing against our shared strategic vision focused on unlocking further value for our global customer base.”
“The strategic partnership with IMG Gaming will accelerate Leap Gaming’s growth story and provide substantial benefit and value to Leap Gaming and IMG Gaming's customers,” Yariv Lissauer, chief executive of Leap Gaming, concluded.
On the back of the deal, major Leap Gaming shareholder FastForward Innovations has done an about turn on its plans to divest some or all of its 41.15 percent interest in Fralis (Leap Gaming), as indicated late last year, with the announcement Tuesday of a subscription of 306 new Preferred Unit A shares in Fralis LLC at a cost of Euro 3,265.31 per share which effectively values Fralis at around Euro 8 million.
The roughly Euro 1 million proceeds will be used to further bolster Leap Gaming’s sales and support teams, FastForward said.
FastForward’s chief executive officer, Lorne Abony: “I was always reluctant to dispose of Leap Gaming but recognised Leap's need to join with a strategic partner to facilitate its continued growth. While there was an expectation that this could only be brought about by a FastForward disposal, the deal concluded today has enabled Leap to align itself with a leading global brand.”
“Leap Gaming remains an extremely important asset for FastForward. We are excited with what we have already seen Leap Gaming accomplish since our initial investment. This further financing will fast-track the continued growth in a company at the forefront of an industry which will benefit from rapid regulatory change, particularly in the USA.”