Statement re Playstack
6 June 2022
TruFin plc
("TruFin" or the "Company")
Acquisition of Magic Fuel Games, Inc. and Platform Contract
TruFin is pleased to announce that its subsidiary, Playstack Limited ("Playstack"), a leading games technology business headquartered in London, has acquired Magic Fuel Games Inc. ("Magic Fuel"), a remote games development studio based in San Francisco, USA. Magic Fuel was founded in 2015 and has since built a portfolio of compelling IP that leverages the teams' years of experience in the simulation and city build games genre.
The total consideration for the acquisition is US$3m in cash, of which $1.5m is payable immediately and $1.5m is payable in twelve months' time. Simultaneous with the acquisition, Playstack has signed a significant contract with a global technology platform which Magic Fuel will be instrumental in delivering. As a result, the acquisition is expected to be earnings neutral to TruFin in 2022 and accretive from 2023.
In the year to 31 December 2021 Magic Fuel made a loss before tax of $2.1m. At the point of acquisition Magic Fuel had net assets of $0.2m.
In addition to the exciting games portfolio, the acquisition adds a breadth of experienced game development talent to Playstack's roster, including the appointment of Magic Fuel's CEO, Kevin Shrapnell, as Playstack's Chief Operating Officer.
Harvey Elliott, Chief Executive Officer of Playstack, commented:
"I have a great deal of respect for Kevin and his leadership team having worked with them at Electronic Arts. They will significantly strengthen the depth of our team and add further exciting IP to Playstack's portfolio which we believe we can help to leverage through our existing publishing channels and relationships."
Kevin Shrapnell, Chief Executive Officer of Magic Fuel, added:
"We have long admired the way in which Playstack approaches games publishing and are thrilled to become part of this exciting organisation. Magic Fuel and Playstack have a shared belief in the untapped potential that simulation-based games present, and we are delighted to be able to add our passion and expertise for this genre to that of the Playstack team."
For further information, please contact:
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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of EU Regulation No. 596/2014 as it forms part of UK domestic law and as defined in, and by virtue of, the European Union (Withdrawal) Act 2018 ("UK MAR"). Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain. The person responsible for arranging for the release of this Announcement on behalf of the Company is Annie Styler.
TruFin plc is the holding company for an operating group of companies that are niche lenders and early payment providers. TruFin Group combines the benefits of both the traditional relationship banking model and developments in the fintech sector. The Company was admitted to AIM in February 2018 and trades under the ticker symbol: TRU. More information is available on the Company website www.TruFin.com
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