Animoca Brands buys social gaming platform Gamee for $6.53 million

Mobile studio Animoca Brands has acquired social casual gaming platform Gamee for $6.53 million in shares. 

As part of the deal, Gamee could receive earn-out payments worth up to $1.63 million if certain revenue and profit milestones are reached.

Animoca believes Gamee's platform, which hosts 80 games and has over 13 million registered users, will boost its capacity to offer browser games independently on third-party platforms, including chat apps like Facebook Messenger and WeChat. 

It also intends to tap into Gamee's use of blockchain technology to plug a "critical gap" in its own skill set. 

"We see browser gaming as the key to mass adoption for blockchain gaming. The talented team at Gamee therefore fills a critical gap in the ability of Animoca Brands to execute, on a massive scale, the goal of delivering true digital ownership to gaming audiences," said Animoca co-founder Yat Siu. 

"Gamee's significant presence on platforms such as Telegram - one of the main communications platforms for the blockchain industry - is particularly important to maximize our reach and influence."

The deal comes just over a week after Animoca secured $4.1 million in funding to support a proposed initial public offering.