GameSquare Sells Complexity Gaming for $10.36 Million

March 05, 2024 at 09:46 AM EST

The esports industry is abuzz with M&A activity as major players stake their claim in the market.

On Friday, GameSquare Holdings announced the sale of its esports team Complexity Gaming for $10.36 million to the team’s founder, Jason Lake. GameSquare, which bought Complexity back in July 2021 for $27 million, said the esports franchise has experienced significant growth under their ownership, with sales soaring by over 175%.

The company also brought on big-name streamers like Ninja and TimTheTatman as investors during that period and increased its social media followers “tenfold.”

Another major deal that just hit the esports market is OverActive Media’s (TSXV:OAM) (OTC:OAMCF) acquisition of Spanish esports organizations KOI and Movistar Riders, which has created a global esports powerhouse with over 100 million followers.

OverActive Media Creates Global Esports Powerhouse with Major Acquisition

The acquisition of KOI and Movistar Riders is the largest in OverActive Media’s history, expanding its global footprint to fast-growing international markets and bringing with it a diverse range of superior esports assets.

KOI, a leading esports organization in Europe, was co-founded by the globally renowned Twitch streamer Ibai Llanos and soccer legend Gerard Piqué, formerly of FC Barcelona. Under Ibai’s influence, KOI rapidly ascended to become one of Europe’s premier brands.

Gerard Piqué, known for his victories with FC Barcelona and Manchester United at the FIFA World Cup and UEFA EURO, initiated the Kings League in 2022. This league quickly emerged as one of the most followed sports channels on digital platforms, amassing over 100 million views in 2023. OverActive Media has secured service contracts with both Ibai and Gerard.

Movistar Riders, another top esports organization in Spain, competes in popular games such as League of Legends, CS2, VALORANT, and FIFA through its partnership with the Atlético de Madrid team. It maintains a long-term multi-million-dollar partnership with multinational telecom leader Telefónica, which just renewed its sponsorship for three years and is now a shareholder in OverActive Media..

“These acquisitions bring significant synergies and opportunity to OverActive, and we are already seeing their impact across our audience numbers, engagement levels, sponsorships and renewals,” said Adam Adamou, CEO of OverActive. “We are filled with the enthusiasm that comes from seeing our combined vision come together into something that is far greater than the sum of the parts.”

KOI and Movistar joins OverActive Media (TSXV:OAM) (OTC:OAMCF) roster of widely popular esports team franchises, including the Toronto Ultra in Call of Duty League, the MAD Lions for the League of Legends EMEA Championship and the Toronto Defiant in the Overwatch Champion Series.

OverActive Media expects the acquisitions to add C$10 million to C$12 million in revenues in 2024 and further bolster its ever-rising viewership numbers.

Following the acquisition, OverActive Media successfully obtained approval from Riot Games for the transfer of a VALORANT Champions Tour EMEA Team Participation Agreement from KOI to operate the ‘Movistar KOI’ team for the 2024 VCT season. This strategic move significantly expands OverActive Media‘s footprint in the esports industry and places the company in a highly competitive and visible segment of the esports market. VALORANT has quickly become one of the most popular and competitive games in esports, and participation at this level can attract sponsorships, fan engagement, and additional revenue streams.

The Mad Lions KOI team has already made a splash, attracting 741,000 peak viewers in a regular season match in the League of Legends EMEA Championship (LEC) Winter Split in January, the highest since summer 2021. Co-founder Ibai further fueled this momentum by drawing over 4.7 million Twitch views, surpassing the Succession series premiere’s 2.93 million viewers. Another milestone was reached on February 18, during the LEC, with a record 830,816 viewers, the highest ever for a regular season match.

Click here for more information about OverActive Media (TSXV:OAM) (OTC:OAMCF).

Featured Image @ FreePik

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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding OverActive Media’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to OverActive Media’s industry; (b) market opportunity; (c) OverActive Media’s business plans and strategies; (d) services that OverActive Media intends to offer; (e) OverActive Media’s milestone projections and targets; (f) OverActive Media’s expectations regarding receipt of approval for regulatory applications; (g) OverActive Media’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) OverActive Media’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute OverActive Media’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) OverActive Media’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) OverActive Media’s ability to enter into contractual arrangements with additional parties; (e) the accuracy of budgeted costs and expenditures; (f) OverActive Media’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of OverActive Media to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) OverActive Media’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact OverActive Media’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing OverActive Media’s business operations (e) OverActive Media may be unable to implement its growth strategy; and (f) increased competition.

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