One Horizon Group Inc (NASDAQ:OHGI) has signed a definitive agreement to take over a majority stake in Banana Whale Studios Pte, Ltd. As part of the deal, One Horizon Group will provide $350,000 as working capital to Banana Whale Studios. The company will also transfer secure messaging business and intellectual business to Banana Whale Studios.
The company will also provide the balance payment in terms of stock based on the earnings to the shareholders of Banana Whale Studios.
Following the takeover, One Horizon Group will get access to the lucrative and expansive market of games online/ entertainment in Asia and across the world as well. Chief Executive Officer and Founder of One Horizon Group, Mr. Mark White said the company will be able to produce innovative entertainment solutions. It helps to serve the burgeoning customer base. The transaction is expected to be closed next month.
Banana Whale Studios is engaged in developing interactive and online gaming products. The company Is committed to delivering competitive and premium games to entertain the customers. It will help operators to enhance profitability.
The product line of Banana Whale Studios consists of game titles including lottery games and slots. The market potential for games being deployed is estimated at over $100 million. A small percentage of revenues earned from the games published on the websites of operators is transferred to Banana Whale Studios.
The team at Banana Whale Studios is responsible for managing development, design, scaling of games, software and platforms at the operator’s sites that generate annual revenues of $5 billion. The team is given the task of gaming/ entertainment to a myriad of international users across the mobile devices and desktops.
Therefore, the takeover of Banana Whale Studios will offer great cost savings and efficiencies and help to increase the profitability of One Horizon Group in 2018.
Chief Executive Officer of Banana Whale Studios, Mr. Sargon Petros said the company has talented professionals to develop games that earn considerable revenues. He also said it is very excited to work with one of the best social media and fastest growing companies.