Stride gaming acquires majority stake in Passion Gaming

Stride Gaming Plc (Stride) announced the acquisition of a 51 percent stake in Passion Gaming Private Ltd (Passion) Tuesday, a rummy-focused online gaming firm operating across India.

A cash consideration of $3.75 million will be invested in the company’s working capital to accelerate growth, Stride said. In addition, Stride retains the right to acquire the remaining 49 percent of Passion Gaming from the existing shareholders over a three to five year period, using a combination of cash and shares based on the future financial performance of Passion Gaming.

Eitan Boyd, CEO of Stride Gaming said:

“Our UK market experience and proprietary technology advantage, combined with Passion Gaming’s market positioning and operational focus creates a highly attractive proposition,” Eitan Boyd, CEO of Stride, said.

Passion Gaming was founded in 2015 and operates RummyPassion.com targeting the Indian skills gaming market.