Shore Capital is delighted to announce that it has been appointed as Joint Broker to Stride Gaming plc
Overview of the Company
Stride Gaming (the “Group”) is an online gaming operator in both the Bingo-led and social gaming market, using its proprietary and purchased software to provide online bingo and related gaming and social activities to players. Stride Gaming only operates in regulated markets.
Stride was admitted to AIM on 19 May 2015 having raised £11.2 million of new equity at 132p per share (currently 233.5p).
On 31 July 2015 they announced the acquisition of InfiApps Limited (“InfiApps”), a profitable internationally-focused mobile social gaming company for total consideration of up to $39.2 million. InfiApps has a number of games including its flagship game, Slot Bonanza, a social casino with a variety of slot machines, which, as at the date of acquisition, played by over 500,000 users worldwide and available by free download from Apple Store, Google Store and Amazon Market Place with some 5.2 million player downloads of Slot Bonanza. For the financial year ended 31 December 2014, InfiApps generated turnover of $13.7 million (2013: $4.6 million), EBIT of $3.6 million (2013: $1.0 million) and profit before tax of $3.4 million (2013: $1.0 million). Net assets were $0.6 million. In the financial year ended 31 December 2014, 69% of InfiApp’s revenue was generated from North America. For the five months to 31 May 2015, InfiApps generated turnover of $8.3m and profit before tax of $2.3 million. These audited numbers are presented under US GAAP.
Products and Brands
The Group operates a multi-branded strategy which includes the online bingo brands Kitty Bingo, Lucky Pants Bingo, Bingo Extra, Jackpot Café, Jackpot Liner, King Jackpot, together with online casino and slots brands Spin, Magical Vegas, Big Top Casino and Slots Bonanza. In addition, InfiApps, an internationally focused mobile social gaming company, gives Stride presence in the social gaming segment of online gaming across new international markets.
With offices located in London, Mauritius, Israel, South Africa and Guernsey, Stride Gaming has over 190 staff committed to continue investing in game development and provide a unique, compelling and entertaining experience to its continuing growing customer base.
The UK online gaming market is forecast to pass £3 billion by 2016 with bingo led gaming estimated to account for 32.3 per cent of the UK gaming NGR (net gaming revenue) in 2016 (source: Gambling Compliance)