On April 29, 2024, PopReach Corporation (dba Ionik) (TSXV: INIK) (OTCQX: INIKF) announced the sale of all of its mobile games portfolio including its subsidiary, PopReach Technologies Private Limited, a live operations games studio located in Bangalore, India to Phoenix Games Holdings UK Ltd. for a total aggregate purchase price of up to US$9.8 million.
This transaction enables Ionik to concentrate on its fundamental operations in advertising and marketing technology, while also enhancing its first-party data platform's capabilities. In addition, it strengthens the company's financial standing and provides the leeway for potential acquisitions in the future.
Led by Mahdi Shams and Taylor Dignan, MLT Aikins was proud to represent PopReach Corporation during this transaction.
The agreements for this transaction, consisting of a share purchase agreement and an asset purchase agreement, were both finalized on April 26, 2024, between Phoenix and PopReach Incorporated (which is fully owned by Ionik).
"The sale of PopReach Games represents another step in reinforcing Ionik's focused mission to provide full suite solutions to brands, advertisers and publishers powered by data and technology. Phoenix is the perfect home for the PopReach Games business, which will benefit from being part of Phoenix's strategy and vision for its extensive portfolio of mobile free-to-play games. We thank our PopReach Games team members for their hard work and dedication and wish them well under their new ownership," said Ted Hastings, Ionik's Chief Executive Officer.
About Ionik
Ionik is a Tier 1 issuer on the TSX Venture Exchange with shares also trading on the OTCQX Best Market. Ionik is a data-driven marketing technology company focused on assembling the most effective and complete suite of advertising, marketing and monetization solutions for brands, advertisers and publishers while building an extensive proprietary repository of opted-in first party data.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.