BOCA RATON, Fla., April 04, 2024 (GLOBE NEWSWIRE) -- Grom Social Enterprises, Inc (NASDAQ: GROM), which recently announced that it has entered into a Letter of Intent (LOI) to acquire Arctic7, the Austin, Texas-based game and co-development services provider, today announced the formation of a synergy council that will, upon completion of the acquisition, explore gaming production and other opportunities for ancillary revenue growth.
Key Points:
- BOCA RATON, Fla., April 04, 2024 (GLOBE NEWSWIRE) -- Grom Social Enterprises, Inc (NASDAQ: GROM), which recently announced that it has entered into a Letter of Intent (LOI) to acquire Arctic7, the Austin, Texas-based game and co-development services provider, today announced the formation of a synergy council that will, upon completion of the acquisition, explore gaming production and other opportunities for ancillary revenue growth.
- Grom, a media, technology, and entertainment company focused on family-friendly programming, web filtering technology and safe social media for kids, intends to explore ways Arctic7’s proven expertise can complement its existing entertainment offerings of safe, social media for kids, its growing catalog of original intellectual properties and its robust 2D animation production studio, based in Manila, the Philippines.
- Specifically, the synergy council will be tasked with delving into ways Grom might embrace kid- and family-friendly gaming into the company's platforms, create original content together and pursue opportunities the acquisition presents for Top Draw Animation's 300+ animation pros.
- Darren Marks, CEO of Grom, said: “The gaming market represents $180B, with children’s gaming being sizable +$20bn of that.
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Video game AUSTIN, Texas, March 14, 2024 (GLOBE NEWSWIRE) -- Arctic7, which provides a robust suite of full game and co-development services together with own intellectual property development within gaming, and virtual production services for the movie and TV industry, has today announced it has agreed to be acquired by Grom Social Enterprises, Inc (NASDAQ: GROM).
Key Points:
- Grom – a media, technology, and entertainment company focused on family-friendly programming, web filtering technology and safe social media for kids – has entered into a non-binding letter of intent to acquire Arctic7.
- Grom aims to complement its existing entertainment offerings of safe, social media for kids and its growing catalog of original intellectual property with a move into gaming.
- Teaming up with Grom allows us to more vigorously pursue a roll up strategy approach to potentially expand our business even further.
- In the coming weeks and months, Grom and Arctic7 intend to explore partnership opportunities and titles presented by the Grom acquisition.
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Video game Grom’s addition of Arctic7 could serve as an entry point for the company to secure a foothold in the growing and lucrative gaming industry and also explore opportunities to leverage gaming technology to serve the entertainment needs of today’s kids and families in new, innovative ways.
Key Points:
- Grom’s addition of Arctic7 could serve as an entry point for the company to secure a foothold in the growing and lucrative gaming industry and also explore opportunities to leverage gaming technology to serve the entertainment needs of today’s kids and families in new, innovative ways.
- The acquisition of Arctic7 would complement Grom's existing entertainment offerings of safe, social media for kids and its growing catalog of original intellectual property from Curiosity Ink Media, which Grom acquired in 2021.
- Alan Van Slyke, co-founder of Arctic7, brings a wealth of experience from Executive Producer on Gears of War with Epic Games, Executive at Sperasoft and COO at Microsoft Studios’ Undead Labs.
- Mark Rizzo, co-founder of Arctic7, with 25 years of experience from EA Games, Sony, Sperasoft, and Keywords Studios, specializes in tech, operations, and M&A, playing a pivotal role in building the PlayStation network.
