Esports organisation Gfinity has announced that it has bought US company CEVO for up to $2.7 million USD in cash and shares, which signals its branching out into US territory for esports, as CEVO has arrange their own esports competitions in the past.
On top of this, CEVO has also developed esports technology and products which Gfinity has been using for three years, including broadcast software and an anti-cheat system, as well as a tournament management system that Gfinity can now make use of. The CEVO management team will also come on board to help Gfinity as well.
This is all part of Gfinity's aim to "establish[...] itself as the world's
leading global esports business as it continues to expand its global footprint in the fast growing esports market," according to the press release.
Neville Upton, Chief Executive of Gfinity, said: "We are delighted to have acquired one of the most reputable esports technology players in the in the industry, which further strengthens our position as a market leader in esports technology. It also demonstrates our determination to become a leading global player in the industry having previously
delivered events in the UK, France, Mexico and USA since the start of this year."
"CEVO's combined experience of 50 years in the market supplements our existing team of talented individuals - creating one of the most experienced esports operators in the industry - leaving us well positioned to take advantage of a growing number of esports opportunities in future."
Eric Ping, Chief Executive of CEVO, added: "We are very excited to join Gfinity, with whom we have enjoyed a strong relationship with for several years. This is a great opportunity to create a truly world-class global esports business. Our combined technical capability allows us to provide a truly valuable suite of esports products and solutions which we look forward to presenting to our partners."
Can Gfinity become an esports powerhouse in the coming years?