Golden Matrix Acquires Aggregate Gaming System For $174K - Golden Matrix Group (NASDAQ:GMGI)

Developer and licenser of online gaming platforms, systems, and gaming content Golden Matrix Group Inc (OTC: GMGI) announced the acquisition of an advanced aggregate gaming system from Gamefish Global, a premium casino game development company in Sydney, Australia.
The acquisition was undertaken to expand the GMGI brand and fast-track the company’s global market penetration.
The purchase consideration amounted to $174 thousand and involved an undisclosed earnout consideration subject to certain milestones. The company also agreed to pay three months of monthly fees to Gamefish worth $13,050 per month for ongoing support for the intellectual property.
The aggregate system, labeled GMX-Ag, will offer a diverse portfolio of gaming products on one platform for seamless integration with gaming operators’ existing business systems, including value-added features such as content aggregation and player acquisition & retention tools.
The GMX-Ag platform will feature a full suite of gaming products comprising casino, sportsbook, lottery, and live gaming and a portfolio of over 10,000 casino games from reputed gaming providers. The GMX-Ag platform is also to assist in launching its White Label Turnkey solutions, specifically targeting developing markets like Asia, Latin America, Africa, and parts of Eastern Europe. The sportsbook component will be powered by sports betting software and trading services provider Amelco UK Limited.
GMGI’s cash balance stood at $11 million as of the fourth quarter of FY20.
Price action: GMGI shares are down 0.74% at $5.35 on the last check Monday.

Market News and Data brought to you by Benzinga APIs