Animoca Brands acquires Power Rangers developer nWay

Animoca Brands acquires Power Rangers developer nWay

Mobile games firm Animoca Brands has begun the process of acquiring San Francisco-based developer nWay.

The deal is still subject to shareholder approval but will see Animoca acquire the studio for $7.69 million — $1.94 million in cash, and $5.75 million in shares.

Animoca Brands has also entered into unsecured 12-month loan agreements for AUS $2.5 million to help fund the acquisition.

nWay is best known for mobile fighter Power Rangers: Legacy Wars, which has more than 50 million downloads, and the console follow-up Power Rangers: Battle For The Grid. It currently holds the global licence for the long-running TV brand.

The company also developed its own multiplayer technology to allow crossplay. For the first eight months of 2019, it generated revenues of $6.98 million.

If shareholders approve, the deal will require execution of a formal agreement, due diligence and the usual regulatory approvals.

The acquisition will be the latest in a long string by Animoca Brands, which includes digital collectables marketplace Quiddtech firm Gamma Innovations, and blockchain gaming platform The Sandbox.

One year ago, Atari acquired a stake in Animoca Brands as part of a blockchain game deal.

Published by Reinout te Brake

Reinout is a games investor and strategic business consultant specializing in the games industry. Reinout established his credentials through his own successful investments, start-ups, consulting and (advisory) board positions that led through time to strong bonds with key stakeholders in this fast paced industry. He is known for his outstanding results in the gaming industry. He has worked with many game studios around the globe and is therefore well known in the international gaming industry. Check out his games podcast; https://www.game-consultant.com

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