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Israeli Online Entertainment Diwip Sold to Imperus Technologies for $100 Million

Diwip

Diwip, an Israeli entertainment company that creates social online games, has been acquired by Imperus Technologies for $100 Million.

The purchase was for $50, 000, 000 up front and up to another $50 million in earn-out payments over two years after closing depending on the achievement of certain financial targets.

Imperus will acquire the entire share capital of Diwip and will retain Diwip’s Senior Management / Founders and approximately 50 employees.

If you like to play poker and other casino games just for fun and without risking any money then Diwip is for you.

Based in Tel Aviv, Diwip creates free social online games and apps for all ages, specifically on popular social networking sites, such as Facebook and Vkontakte. The company offers millions of people worldwide the ability to engage, communicate and socialize with one another through its games. Diwip declares its mission to be to build communities that fuel the creation and distribution of virtual goods.

It boasts approximately 24 million registered customers and is a consistent supplier of highly ranked games to Facebook, iOS, Android and other social networks. Diwip increased revenues from approximately $7.8 million in 2011 to $28.3 million with approximately $14.7 million of EBITDA in 2013.

A Canadian company with headquarters in Los Gatos, California, Impetus Technologies offers Product Engineering and Technology R&D services for software product development. The company states that it expertise spans the domains of Big Data, Analytics, SaaS, Cloud Computing, Mobility, Testing, Performance Engineering, and Social Media, among others.

Last week Imperus executed a share purchase agreement with Diwip Ltd. and its shareholders pursuant to which Imperus will acquire all of the issued and outstanding shares of Diwip. Completion of the Transaction is subject to a number of conditions, including among other things, the approval of the TSX Venture Exchange and, if required, the approval of the shareholders of Imperus

“We are very excited about this transaction, and the tremendous value it brings to both parties and their shareholders, ” said Daniel Kajouie, President and CEO of Imperus. Mr. Kajouie went on to say, “The acquisition of Diwip provides Imperus immediate access to a broad market base.”

“Diwip’s proprietary online social gaming and mobile gaming products are synergistic with the Imperus product line and our philosophies.”

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