Vivid Games has sold Bidlogic technology. The company will show PLN 4.2 million of net profit on the transaction.
Vivid Games has sold Bidlogic technology.
The company will show PLN 4.2 million of net profit on the transaction.
The Management Board of Vivid Games announced that the Company concluded an agreement for the sale of Bidlogic technology. The buyer is the Publishers Revenue Optimization sp.z o.o. from Wrocław, operating under the brand optAd360, which specializes in advertising monetization of websites and mobile applications. The first tranche of PLN 3.53 million net will be transferred to the Company's bank account in September. The Management Board will consider allocating the funds obtained from the transaction for early repayment of all remaining bond installments.
The due diligence process, preceding the transaction, started in June. The final, total amount of the transaction is PLN 9 million, and after settlements with the originator of Bidlogic, the Company will hold PLN 4.55 million.
“The transaction will strengthen the Company's position and ensure its greater financial stability. After deducting the costs of investments, it will bring the Company a net profit of approximately PLN 4.2 million, booked as of the transaction date, which will directly translate into the financial result for this year. From the point of view of cash flow, in September we will receive PLN 3.53 million from the first tranche, the next ones are planned for January 2023 and January 2024" - emphasizes Jarosław Wojczakowski, CEO of Vivid Games.
“The funds obtained from the transaction should us allow to early repay all remaining bond installments this year, and thus close the arrangement. After the redemption of bonds, recent depreciation write-offs, and the expected significant net profit, the Company will enter 2023 from a good position enabling further development” - adds the President.