UK-based esports company Gfinity plc (LSE: GFIN) has acquired the entire issued share capital of US-based esports technology and services firm Cevo, Inc, for a total consideration of up to USD 2.
Founded in 2004, Cevo has built a reputation for the operation of its own esports competitions, primarily in North America, and as a provider of technology and services to a client base of blue-chip organisations in the esports space.
25 July 2017 - UK-based esports company Gfinity plc (LSE: GFIN) has acquired the entire issued share capital of US-based esports technology and services firm Cevo, Inc, for a total consideration of up to USD 2.
Cevo has developed proprietary technology and a suite of esports products, including leading anti-cheat software, used by a number of major operators in the industry, including Gfinity, and a range of esports broadcast products.
The Cevo management team, with almost 50 years of collective experience in the esports industry, strengthens Gfinity's capability to take advantage of the wide range of opportunities in the fast growing esports sector
Gfinity will grant options over 2,079,052 ordinary shares to current Cevo staff as part of the transaction.
Under the amended charter, the position of CEVO was created to ensure the continued oversight and success of the functions and programs currently managed by BECC.
Enrique Lendo, Head of the International Affairs Unit, Ministry of Environment and Natural Resources (SEMARNAT), highlighted the importance of having a CEVO to ensure the environmental mandate of the merged institution.