Nazara Technologies Expands Portfolio with Ultimate Teen Patti IP Acquisition

In a significant move within the gaming industry, Nazara Technologies has announced its acquisition of intellectual property rights for Ultimate Teen Patti (UTP) from Games24x7 for a total of Rs 10 crore, as per a recent regulatory filing. This strategic acquisition marks a notable expansion for Nazara Technologies in the casual freemium gaming sector.

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Ultimate Teen Patti, which was launched in 2015, is recognized as a leading free casual card game designed solely for entertainment, without involving real money transactions for players. The game has garnered a substantial user base over the years, making it a valuable asset for Nazara Technologies.

The acquisition process was formalized by Next Wave Multimedia Private Limited, a subsidiary of Nazara Technologies, during their meeting on April 04, 2024. The agreement entails the transfer of all intellectual property rights related to the UTP software and its associated trademarks from U Games Private Limited, a subsidiary of Play Games24x7 Private Limited. The total consideration for this acquisition is set at Rs 10 crore, inclusive of applicable taxes.

According to the details provided in the regulatory filing, an initial payment of Rs 9 crore has already been made as part of the IP assignment agreement. The remaining Rs 1 crore is slated for payment upon the completion of specific activities related to the transfer of services and backend integrations concerning the UTP intellectual property assets. The entire deal is expected to reach completion within 90 days.

This acquisition by Nextwave is poised to significantly enhance its portfolio in the casual freemium gaming arena. By integrating Ultimate Teen Patti into its offerings, Nazara Technologies aims to bolster its position in the gaming industry and attract a wider audience base. This move reflects the company's strategic approach towards consolidating its presence in the gaming sector and expanding its market reach.