Nazara Technologies Arm To Acquire UK-Based Marketing Agency Space & Time
The deal will enable both companies to deliver more impactful digital advertising solutions and drive further expansion in the European and UK markets
(The Corner Office Journal) -- Nazara Technologies Ltd.’s subsidiary agreed to acquire a 100% stake in UK-based growth marketing agency Space & Time Group Ltd. for around 4.8 million British pounds ($6.23 million) in a cash-and-stock deal.
The acquisition of Space & Time is a key move in advancing Datawrkz Business Solutions Private Ltd.’s growth ambitions across Europe and North America, positioning it as a scaled player in the global digital advertising market, Nazara said in a stock exchange announcement.
The collaboration brings together Space & Time's expertise in growth marketing, media, and technology with Datawrkz’s strengths in programmatic advertising technology and optimization, it added.
Nazara, India’s only listed gaming and esports company, said the deal will enable both companies to deliver more impactful digital advertising solutions and drive further expansion, especially in the European and UK markets.
Space & Time, launched in 2000, is one of a select few Google Premier Partners in the UK, according to the statement. Founded in 2013, Datawrkz (a Nazara company) is a global advertising technology firm and Nazara a 33% stake in the company in 2022.
The company said with offices in the US, India and Singapore, Datawrkz offers professionally managed as well as self-serve digital advertising solutions in addition to specialist ad inventory and revenue optimization solutions for publishers.
Acquisition Funding
Nazara said the acquisition is being funded through its wholly owned subsidiary Nazara Technologies UK Ltd.’s debt-based financing.
The total consideration of 4.8 million British pounds (52.3 crore rupees) will be paid by Datawrkz Operations UK Ltd., a wholly owned subsidiary of Datawrkz UK Ltd. and step-down subsidiary of Nazara.
Datawrkz Operations will pay 3.3 million British pounds (36.1 crore rupees) in cash in three tranches and the remaining 1.5 million British pounds (16.2 crore rupees) via share swap.
The company said Senthil Govindan, chief executive officer and founder of Datawrkz, will join the Space & Time board.
The proposed acquisition is subject to fulfilment of certain conditions. Upon completion, Space & Time will become a wholly owned subsidiary of Datawrkz Operations and a step-down subsidiary of Nazara.
Note: $1 = 0.7700 British pound
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