In a recent development Bash Gaming (formerly BitRhymes), a leader in the mobile gaming category has been acquired by social casino games company Games Show Network (GSN). Reported by NBW earlier the acquisition deal is about $160M.
Bash Gaming founded by Sumit Gupta, Vikas Gupta and Lalit Patel in 2007 is a company that makes games on mobile devices, tablets and Facebook. With a 90 people team in India and a 20 people team in the US, the company last year made a total revenue of $55 million just from their Bingo Bash game. Bingo Bash has more than 4.8 million monthly active users on platforms including Facebook, iOS, Android and Kindle.
GSN Games a privately held joint venture between Direct TV and Sony Pictures Television considers that the latest acquisition will not only benefit the users but GSN will now have two of the top 10 overall grossing iPad apps of 2013 with 10 million monthly active users in total.
On the acquisition Jeff Karp, the Executive Vice President at GSN Games stated that while it will strengthen the company’s games portfolio, it will offer increased attention and interaction to advertisers from Bingo Bash customer base.
“With the Bash Gaming acquisition, we will expose our millions of social casino players to the Bingo Bash experience, while introducing existing Bingo Bash players to our highly engaging games including Wheel of Fortune Slots and Deal or No Deal Slots,” added Jeff.
The deal that is expected to close in mid-March 2014, had an interesting development last year during the month of November when a lawsuit was filed by GSN. The lawsuit was filed by GSN for breach of contract and other claims over a deal it had negotiated to buy Bash Gaming. The deal that had been agreed verbally saw Bash pulling it out and making a deal for a sale of the company and its subsidiary in India to an unidentified third-party buyer.
GSN had asked for damages of $25,000 plus other costs, and an amount equal to the difference between what it was to pay for Bash and what the third party is paying. However, Bash Gaming has updated NBW and added that the law suit will now be dropped without going any further in the lawsuit.
Nevertheless, this is a remarkable feat for an Indian gaming company that saw good growth from its inception.