Esports Entertainment Group looks set to acquire the Esports Gaming League (EGL), after signing a letter of intent.
EGL is a B2B-oriented event organiser, broadcaster and provider of online tournaments.
The planned acquisition is Esports Entertainment Group’s latest move in its plans to grow both in and out of esports.
“I believe we can accelerate growth”
Esports Entertainment Group CEO Grant Johnson spoke about the planned acquisition.
“At our IPO we committed to having a tournament platform up and operational before the end of the calendar year, and with this transaction, we have delivered on this commitment. EGL generated approximately $1.3 million in revenue last year and is positioned for triple-digit growth moving forward.
“Their complementary platform, large user base, excellent team, and marquee advertising partner relationships are key drivers behind this transaction. Together, I believe we can accelerate growth both in the US and internationally.”
“EGL is a perfect fit”
EGL has a technology platform with over 350,000 registered gamers. Its range of services are diverse and include production for live broadcasting, as well as online branded tournaments. Full turnkey esports events and game launches also form part of its specialties.
The company’s CEO Glen Elliott believes that the partnership with Esports Entertainment Group will be beneficial for both parties.
“We are extremely excited to be joining the Esports Entertainment Group family, it will give us an opportunity to push our technology and resources to further grow our client roster.
“The vision Grant has around building an esports ecosystem is visionary for the industry and EGL is a perfect fit.”