Update 04/01/2019 15:56 – SMAAASH Entertainment has announced the closure of the acquisition and merger with Simplicity Esports.
SMAAASH Entertainment is entering the esports industry after agreeing to acquire the stock of Simplicity Esports.
Founded in 2018, Simplicity Esports currently competes in the likes of Gears of War, NHL 19, Injustice 2, and PlayerUnknown’s Battlegrounds. It also employs a number of streamers and personalities.
The acquisition is poised to be complete by the end of 2018, financial details of the deal have not been disclosed at the time of writing.
F. Jacob Cherian, CEO of SMAAASH Entertainment discussed the impending acquisition: “I am pleased to announce the signing of the definitive agreement with Simplicity Esports. Our acquisition of Simplicity, in an all-stock deal, creates the first pure play esports team and entertainment platform opportunity on NASDAQ, which we believe will increase shareholder value and boost our growth strategy as we endeavor the build out of our brick and mortar esports centers.
“I am also pleased to welcome Jed Kaplan as Co-CEO. Jed brings tremendous experience representing professional sports team ownership with a track record of success, and a clear vision to uniquely position the Company as a leading esports entertainment business.”
Jed Kaplan, Managing Partner of Simplicity Esports added: “I am pleased to further develop, enhance and build the esports business together with the public platform of Smaaash. As technology evolves, gaming is one of the fastest growing verticals within the media and entertainment sector, and specifically esports is experiencing explosive growth, having attracted prime time audiences over 3 times larger than that which tuned into Super Bowl LI in 2017.
“I truly believe that esports is relevant now and represents a significant opportunity for investors as an integral part of professional sports for future generations. With current projections for esports predicting over $1.7 billion in annual revenues by 2021, I feel esports provides an attractive growth opportunity for shareholders.”
Jed Kaplan will join SMAAASH Entertainment as its co-CEO. Kaplan is a minority owner of NBA team Memphis Grizzlies and Welsh football club Swansea City, and has over 15 years of experience in traditional sports.
SMAAASH Entertainment deals in virtual reality and augmented reality and was founded through the merger of I-AM Capital Acquisition Company and SMAAASH Entertainment Pvt. in November of this year.
Esports Insider says: Combining Jed Kaplan’s experience in traditional sports, Simplicity’s already-established presence, and the support of SMAAASH Entertainment is an interesting prospect. This marks a clear interest in esports from the entertainment company, we’re intrigued to see how it operates Simplicity considering its lack of experience in the industry.