Gaming
Mrinal Gujare By Mrinal GujareOn 05 Apr, 2024
By Mrinal GujareOn 05 Apr, 2024
Nazara Technologies’ Subsidiary To Buy Teen Patti IP From Games24x7
Popular online gaming brand Nazara Technologies revealed its plans to buy the intellectual property rights (IPR) of Ultimate Teen Patti (UTP) from Games24x7. As per a news report by Business Standard, the gaming firm is on the route to acquire the Teen Patti IPR for a sum of ₹10 Crore.
For the unversed, Ultimate Teen Patti was launched in 2015 and is available as a free casual card game.The game does not offer any real cash rewards to its players.
The regulatory filing by Nazara Technologies stated that its subsidiary—Next Wave Multimedia Private Limited has approved the acquisition of ‘Ultimate Teen Patti,’ including its software and trademarks.
Nazara Technologies is a publicly listed gaming firm in India. The company has verticals like esports, sports news and gaming marketing among others. Earlier in March 2024, Nazara Technologies revealed that it has kept aside $100 Million (~₹850 Crore) for acquisitions and mergers for a period of 24 months starting April 2024. The acquisition of Ultimate Teen Patti is a step in that direction.
ALSO READ: Nazara Technologies Launches Game Development Division
As per news reports, the acquisition of the Teen Patti IP will be executed via assignment from U Games Private Limited (subsidiary of Play Games24x7 Private Limited) Out of the ₹10 Crore sum ₹9 Crore has been disbursed, state the media reports.
The remaining ₹1 Crore will be paid upon the completion of specifically identified activities related to the transfer of services along with the backend integrations of the IP, further added the news reports. The deal between Next Wave Multimedia and Nazara’s subsidiary will reportedly wrap up within 90 days.
Just recently, Nazara Technologies made headlines when news broke that the brand is looking at scaling its game development division’s annual revenue. Nazara aims to go from approximately ₹350 Crore in FY23 to ₹1,000 Crore by the end of FY25. The gaming brand wants to leverage the ₹850 Crore fund allocated for mergers and acquisitions.
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With a Masters Degree in Journalism and Communication, Mrinal Gujare currently is cruising through an exciting genre of writing and editing at Gutshot Magazine. Apart from being an Editor, Mrinal is an avid reader and a former contemporary dancer. She is also perennially hungry for intriguing scoops from across the globe. No holds barred is the rule Mrinal follows in life.
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