Nazara Technologies rise 2% as firm acquired US-based WildWorks

Shares of Nazara Technologies were trading over 2 percent higher in Tuesday's trade after the company announced the acquisition of leading US children’s interactive entertainment company WildWorks earlier today.

Nazara will acquire 100 percent of WildWorks and its IP from existing shareholders in an all-cash transaction, said Nazara Technologies in a release.

At 10.55 am, the scrip was trading 1.65 percent higher at Rs 641.10 over the last day’s closing of Rs 630.70 a piece. The stock has fallen 29.61 percent in the past one year and is down 46.78 percent so far in 2022.

WildWorks is an interactive entertainment company that creates immersive and substantive games for kids.

With its strong brand presence and talented Utah-based development team, WildWorks enables us to solidify our leadership position in the gamified learning space for kids, said Nitish Mittersain, Founder and MD of Nazara Technologies Ltd.

WildWorks reported revenue of $13.8 million in CY21 and $5.8 million in H1CY22, and EBITDA of $3.1 million in CY21 and $1.6 million in H1CY22.

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