FastForward is to buy 29.4 per cent of Leap Gaming, a company with a focus on Virtual Sports and Virtual Casino products.
Leap partners with top-tier online and land-based gaming companies to provide advanced gaming products for end-users. FastForward expects to complete a transaction for the additional acquisition of 11.75 per cent of the fully diluted shares of Leap within 30 days of the initial subscription bringing its total stake in Leap to 41.15 per cent for a total consideration of US$3.5m.
This is the company’s first investment in the gaming subsector, an industry in which FFWD has been actively seeking the right opportunity to expand its portfolio.
FastForward’s CEO Lorne Abony said: “Gaming, and particularly 3D and virtual gaming, is an incredibly exciting sector that is growing dramatically. The world’s biggest online and retail gaming operators alike are increasingly seeking state of the art immersive, real life experience, which is exactly what Leap’s technology offers. We anticipate that Leap will become a leading provider of virtual sports and virtual casino gaming technology, thanks to their proprietary graphic generation platform, their already impressive existing portfolio of gaming products, their innovative technology-driven approach to seamlessly integrating their new and existing products into the online as well as retail operators, and of course their extraordinarily strong management team.”
“The Leap Gaming investment is another example of an investment aligned with our core philosophy. We invest in visionary entrepreneurs like the team at Leap who are developing innovative technologies to solve problems in their industries. We aim to bring early stage private investment opportunities, previously reserved for venture capital firms, to our shareholders and offer liquidity to all our shareholders through our listed platform. FastForward is uniquely poised to eliminate the barriers to investing in private technology and life sciences startups that previously existed for retail investors.”
Virtual Sports is an over $1bn industry, growing at double digit rates per year and involves substantial barriers to enter while online casino is a $7bn industry growing at over five per cent per year. Leap Gaming is uniquely positioned to capitalize on both of these opportunities. Leap Gaming is a developer and provider of 3D gaming technology and products with a focus on Virtual Sports and virtual casino. The market for virtual sports is growing rapidly and Leap Gaming believes there is a real and immediate need for better technology and product features in the gaming sector in order to effectively reach consumers seeking a more realistic and immersive gaming experience.