Diwip, a Tel-Aviv based social gaming company, has been acquired by a Toronto-area company, Imperus Technologies, in a share purchase agreement, it was announced last week. The purchase price for the Israeli firm could go as high as $100 million, but the transaction is subject to a number of conditions.
Diwip’s products include Best Casino, which the Venture Beat website noted is among the higher-grossing games on mobile devices and on Facebook. Diwip also operates the Slots Club gaming brand.
“Imperus likely found Diwip particularly appealing due to its recent growth,” Venture Beat surmised. “The developer went from revenues of $7.8 million in 2011 to $28.3 million in 2013. Diwip also claims to have 24 million registered customers across its numerous games.”
In a statement, Imperus said it would be paying $50 million for Diwip ($10 million of which will be in the form of Imperus stock). An additional sum of up to $50 million over two years will be paid in cash and stock if certain financial milestones are met. Imperus said it would be retaining Diwip’s senior management and at least 50 of its employees.
Diwip was founded in 2010 by Ehud Kantzuker and Yaniv Gamzo. Kantzuker serves as the firm’s chief product officer while Gamzo is its chief technical officer. They share the position of CEO and each owns a 50% stake in the company. For the year ending December 31, 2013, Diwip had net profits of $12.9 million.
Imperus recently changed its name from ISIS Labs, apparently after the rise to public prominence of the militant group the Islamic State of Iraq and Syria, which is commonly referred to by same initials. Imperus specializes in the convergence of social networking, mobile gaming and real money gaming, and is the developer of Casina, a social gaming software platform.