Grom Social to acquire gaming service provider Arctic7

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Grom Social to acquire gaming service provider Arctic7
Credit: © Reuters.

BOCA RATON, Fla. - Grom Social Enterprises, Inc. (NASDAQ: GROM), a company focused on family-friendly media, technology, and entertainment, has announced its intention to acquire Arctic7, Inc., a service provider in the gaming industry. The planned acquisition, announced today, is structured as a 100% equity transaction.

Arctic7, founded in 2021, is recognized for its contributions to full game development, co-development, and virtual production. Under the leadership of CEO Igor Efremov, Arctic7 has shown significant growth, with an unaudited revenue of $7.9 million in its first fiscal year and an anticipated $14 million for the next fiscal year.

Grom's CEO, Darren Marks, highlighted the strategic move as a means to establish a presence in the $185 billion global gaming market and to explore synergies between gaming technology and Grom's existing entertainment offerings. The acquisition aims to integrate Arctic7's expertise into Grom's entertainment ecosystem, with potential opportunities for content collaboration, cross-promotional activities, and educational gaming initiatives.

The Arctic7 team, led by industry veterans including Efremov, Alan Van Slyke, and Mark Rizzo, brings over a century of combined experience from notable companies and franchises within the gaming and entertainment sectors.

This development follows Grom's previous acquisition of Curiosity Ink Media in 2021, which bolstered its catalog of original intellectual property. The company aims to provide secure social media environments for children and deliver engaging content through its various subsidiaries.

The information in this article is based on a press release statement from Grom Social Enterprises, Inc. The transaction remains subject to the finalization of definitive agreements and customary closing conditions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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