Imperus To Acquire Social Games Developer

DiWip deal is worth up to $100 million

Social networking and gaming company Imperus Technologies Corporation (formerly ISIS Lab) has negotiated the purchase of the entire share capital of the four-year-old Israeli-based social games developer DiWip for a consideration of up to $100 million.

The company's management team and staff will be retained as part of the agreement. Founders Mark Kantzuker and Yaniv Gamzo will resign from their director positions once the transaction has been closed, but will continue in senior officer roles with Diwip; Kantzuker as co-President and Chief Product Officer (CPO) and Gamzo as co-President and Chief Technical Officer (CTO).

A press release reveals that the purchase price is structured to include an upfront $50 million, payable as $40 million in cash and $10 million by the issuance of common shares of Imperus, with earn-outs of a further $50 million possibly accruing over the next two years depending on the achievement of set financial objectives.

For the year ended December 31, 2013, Diwip had total assets of US$13,195,828, total liabilities of US$13,310,746, revenues of US$28,347,695 and net profit for the year of US$12,888,630, based on audited financial statements prepared in accordance with international financial reporting standards.

For the six month period ended June 30, 2014, Diwip had total assets of US$5,391,235, total liabilities of US$708,026, revenues of US$12,336,722 and net profit for the period of US$4,798,127, based on unaudited financial statements prepared in accordance with international financial reporting standards.

Imperus is confident that DiWip's widespread business presence around the world, including the US, will expand its access to more markets.

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