Vivid Games sells Bidlogic technology. The transaction will bring the Company approximately PLN 5 million in profit.
Vivid Games sells Bidlogic technology.
The transaction will bring the Company approximately PLN 5 million in profit.
The company has signed a term sheet with a Polish company from the advertising industry. The sale concerns the technology developed in Vivid Games. The Bidlogic enables the management of advertising mediation services in mobile applications. The transaction will be preceded by due diligence carried out by the buyer and negotiation of the final terms of the contract.
"The purchase proposal we received is very attractive. The cash injection will support the development of the current and future game portfolio and help pay off the remaining bond installments. We have several weeks of due diligence and final negotiation of terms ahead of us. According to the concluded term-sheet, the transaction should be completed by July 31 this year." - emphasizes Jarosław Wojczakowski, CEO of Vivid Games. "We are delighted with the extent to which we have developed the Bidlogic technology. Initially, it was an experiment, an investment similar to a start-up built by one of our associates. However, it turned out to be not only an innovative but also profitable idea." - continues.
The total amount of the transaction is PLN 10 million. The originator of Bidlogic will receive a 50% of the profit from the sale, based on a cooperation agreement concluded at the beginning of the project. “The originator and creator of the project had a key influence on the development of technology. He built a competent team from scratch, designed the mechanism for the technology's functioning, and acquired customers parallelly with the market research. The current shape of the technology and the team are entirely on him. The conditions are adequate for his involvement and actual participation in the development of technology. He fully earned his share." - adds President Wojczakowski.