React Gaming, formerly known as Intema Solutions, successfully completed the acquisition of Livestream, parent company of Loot.Bet, in April 2022. This strategic move has positioned React Gaming for significant growth in the gaming industry. By inking a definitive share purchase agreement (SPA) in January 2022, React Gaming solidified its commitment to expanding its presence and leveraging new market opportunities.
Acquisition and Rebranding:
React Gaming’s acquisition of Livestream was a pivotal moment for both companies. The completion of the acquisition allowed React Gaming to gain full control of Loot.Bet, a prominent subsidiary, and set the stage for transformative changes. To reflect the company’s new direction, React Gaming decided to rebrand itself, embracing a fresh identity and vision. The rebranding efforts culminated in a new name that encapsulates React Gaming’s commitment to the dynamic and immersive gaming experience: React Gaming.
Financial Settlement and Obligation Relief:
Under the terms of the agreement, React Gaming agreed to issue a $4 million secured vendor take-back note to Livestream, bearing 12% interest in case of default. However, a subsequent Debt Settlement agreement was reached between React Gaming and Livestream’s vendors to settle the outstanding amounts under the note and release both parties from their obligations under the SPA. As per the settlement, React Gaming agreed to pay the vendors $200,000 upon the sale of any assets of the corporation or the closing of a future financing, no later than April 9, 2023. This settlement is a significant milestone for React Gaming, as it eliminates the remaining obligations from the Loot.Bet acquisition, providing a boost to the company’s balance sheet.
Strategic Advantages and B2B Market Initiatives:
React Gaming’s acquisition of Livestream and subsequent rebranding unlock several strategic advantages for the company. With complete control over Loot.Bet, React Gaming gains a competitive edge in the gaming market. Furthermore, React Gaming recently signed a master services agreement with HHR Philippines (HHRPh), granting exclusive rights to Loot.Bet’s cloud-based software for the Philippines. This partnership opens doors to a wide range of opportunities in the thriving Filipino gaming industry. React Gaming plans to leverage its new B2B market initiatives, particularly with HHRPh, to maximize growth potential and explore future developments in this promising market.
CEO’s Perspective:
React Gaming’s CEO, Leigh Hughes, expressed enthusiasm regarding the completed transaction and its implications for the company’s future. Hughes sees the acquisition and the subsequent settlement as crucial milestones for React Gaming, enabling the company to eliminate remaining obligations tied to Loot.Bet and strengthen its financial position. This improved financial standing will allow React Gaming to focus on realizing its vision and capitalizing on emerging opportunities within the gaming industry. Hughes specifically highlighted the company’s excitement about the partnership with HHRPh and expressed confidence in the potential of this strategic asset.
React Gaming’s acquisition of Livestream and subsequent rebranding to React Gaming have paved the way for a new era of growth and expansion. With the completion of the acquisition and the settlement of obligations, React Gaming is well-positioned to capitalize on its strengthened balance sheet. The company’s focus on B2B market initiatives, exemplified by the partnership with HHRPh, highlights its commitment to exploring untapped opportunities in key gaming markets. React Gaming, under the leadership of CEO Leigh Hughes, is poised to navigate the gaming landscape with renewed vigor and innovation, driving the company’s success in the years to come.