The acquisition provides theScore, which has 9.2 million average monthly active users on its mobile platforms, with a strategic entry point into the daily fantasy sports space. The deal includes Swoopt's mobile application and web offering and the four members of its San Francisco-based product development and leadership team. Deal consideration included a combination of cash and Class A Subordinate Voting Shares of theScore.
"Like theScore, Swoopt was created as a mobile first product and this deal equips us to enter the exciting daily fantasy sports market," said John Levy, Founder and CEO of theScore.
"Swoopt's approach to daily fantasy sports, featuring mobile friendly contests that can be joined and managed quickly and easily, made this a great opportunity - especially with daily fantasy enjoying a clear fit with sports fans using theScore's mobile platforms."
Swoopt offers a range of daily fantasy sports contests for professional baseball, hockey, football, basketball and college football. ApptheGame developed the Swoopt game with venture funding from Douglas Bergeron, Tandem Capital, i/o Ventures, Sand Hill Angels, and other investors.
ApptheGame CEO Matthew Himelstein said: "theScore is a leader in developing mobile sports experiences and this deal provides Swoopt with the expertise and resources required to take our game to the next level."
Following the acquisition, Swoopt will continue to operate as usual. The four members of the Swoopt team join theScore with immediate effect and will continue to operate out of San Francisco, working in tandem with theScore's Toronto-based team to enhance and build upon the Swoopt experience.
Fantasy sports is played by more than 41.5 million people in the United States and Canada and more than two thirds access games via their mobile devices, with daily fantasy a popular category within this growing market.*
As part of the deal, theScore also announced the grant of an aggregate of 550,000 options to the Swoopt team members joining theScore. Each option is exercisable for one Class A Subordinate Voting Share of theScore at an exercise price of $0.38, vests over three years and has a term of ten years. Each option is exercisable in accordance with the terms and conditions of the Company's stock option plan.
*Source: Fantasy Sports Trade Association: http://www.fsta.org/?page=Demographics
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About theScore Inc.
theScore creates mobile-first sports experiences, connecting fans to what they love through an addictive combination of real-time news, scores, fantasy information and alerts while creating and curating content that is mobile optimized, comprehensive, customizable and seamlessly shareable. theScore is available on iOS, Android, BlackBerry and Windows Phone devices.
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Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "may", "would", "could", "will", "believes", "plans", "anticipates", "estimates", "expects" or "intends" and other similar statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Such statements reflect theScore's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward looking statements, including among other things, those which are discussed under the heading "Risk Factors" in the Company's Annual Information Form as filed with the TSX Venture Exchange and available on SEDAR at www.sedar.com and elsewhere in documents that theScore files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results could differ materially from the expectations expressed in these forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as required by applicable law or regulatory requirements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE theScore, Inc. through PRNewswire by press release ©
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