company Majesco hasn't been having much luck in the console game business as of late, with a swing to losses during the current fiscal year. Now the studio is looking to deal with the situation by joining the social casino gaming scene.
Majesco has established a new company called GMS Entertainment, through which it will begin to offer online casino games. The publisher will invest a total of $3.5 to $4.5 million in GMS, depending on how well it does financially in the coming year.
As part of the move, GMS has acquired two real-money gambling companies, Orid Media Limited and Pariplay Limited, and the founder of Orid and Pariplay will hold a 50 percent interest in GMS, while Majesco will hold the other 50 percent.
GMS already has an investor as well. Yair Goldfinger, previously co-founder of ICQ and Dotomi, has bought 3.3 million shares of common stock in the company.
Jesse Sutton, CEO of Majesco and now chairman of GMS Entertainment, explained that his company has been actively exploring opportunities in social and online casino games as the console game space is in transition.