Nektan plc, an international mobile gaming provider, has entered into an asset transfer and simultaneous licensing agreement with Buckingham HMB Ltd for three of the Company’s wholly-owned gaming brands.
According to this morning’s announcement, Buckingham will pay the Company a cash consideration for the assets while simultaneously entering in to a five-year licensing agreement with the Group for the continuing operation of the brands under Nektan’s white label Evolve platform for a monthly royalty on terms “consistent with other white label agreements the Company has entered into.”
Today’s announcement confirms that the assets being transferred principally comprise the customer databases, web domains and brands relating to Chomp Casino, Spin Princess and Sapphire Rooms, which were all developed in-house.
“Since formally joining the Company on July 25, we have begun to refine our structure to bring tighter focus and to optimize our businesses in Europe and the U.S.,” says Leigh Nissim, Chief Executive of Nektan. “As part of this process, the transfer of these brand assets coupled with the long term white label licensing agreement is a positive step forward for the business by providing additional working capital for the Group while still benefiting from a share of the ongoing revenues of the brands.”
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