Skillz to Acquire Advertising Platform Aarki for $150M to Expand Mobile Gaming Footprint - (SKLZ)

Mobile game platform Skillz Inc (NYSE:SKLZ) inked an agreement to acquire a technology-driven marketing platform, Aarki, for $150 million in a cash and stock deal.
The acquisition will expand Skillz’s footprint across the budding mobile gaming industry by combining its competitive platform with Aarki’s advertising abilities.
Aarki’s 160 employees will join the Skillz workforce, and CEO Levon Budagyan will continue to lead the business as a Skillz division.
The acquisition is estimated to close in Q3 2021.
The integrated ecosystem is estimated to unlock new connectivity points between consumers, developers, and brands, pairing the right impression with the right user at the right time, all while delivering a superior user experience, Skillz CEO Andrew Paradise said.
Skillz held $613 million in cash and equivalents as of Mar. 31, 2021.
Price action: SKLZ shares traded higher by 5.30% at $17.89 in the premarket session on the last check Wednesday.

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