- San Francisco-based Swoopt team to join theScore
TORONTO, Dec. 19, 2014 /PRNewswire/ - theScore, Inc. (TSX Venture: SCR) ("theScore"), a leading developer of mobile sports
platforms, has closed a deal to acquire the daily fantasy sports game 'Swoopt' from San Francisco-based ApptheGame, Inc ("ApptheGame").
(PHOTO: http://photos.prnewswire.com/prnh/20141219/165566LOGO)
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The acquisition provides theScore, which has 9.2 million average monthly
active users on its mobile platforms, with a strategic entry point into
the daily fantasy sports space. The deal includes Swoopt's mobile
application and web offering and the four members of its San
Francisco-based product development and leadership team. Deal
consideration included a combination of cash and Class A Subordinate
Voting Shares of theScore.
"Like theScore, Swoopt was created as a mobile first product and this
deal equips us to enter the exciting daily fantasy sports market," said
John Levy, Founder and CEO of theScore.
"Swoopt's approach to daily fantasy sports, featuring mobile friendly
contests that can be joined and managed quickly and easily, made this a
great opportunity - especially with daily fantasy enjoying a clear fit
with sports fans using theScore's mobile platforms."
Swoopt offers a range of daily fantasy sports contests for professional
baseball, hockey, football, basketball and college football. ApptheGame
developed the Swoopt game with venture funding from Douglas Bergeron,
Tandem Capital, i/o Ventures, Sand Hill Angels, and other investors.
ApptheGame CEO Matthew Himelstein said: "theScore is a leader in
developing mobile sports experiences and this deal provides Swoopt with
the expertise and resources required to take our game to the next
level."
Following the acquisition, Swoopt will continue to operate as usual. The
four members of the Swoopt team join theScore with immediate effect and
will continue to operate out of San Francisco, working in tandem with
theScore's Toronto-based team to enhance and build upon the Swoopt
experience.
Fantasy sports is played by more than 41.5 million people in the United
States and Canada and more than two thirds access games via their
mobile devices, with daily fantasy a popular category within this
growing market.*
As part of the deal, theScore also announced the grant of an aggregate
of 550,000 options to the Swoopt team members joining theScore. Each
option is exercisable for one Class A Subordinate Voting Share of
theScore at an exercise price of $0.38, vests over three years and has
a term of ten years. Each option is exercisable in accordance with the
terms and conditions of the Company's stock option plan.
*Source: Fantasy Sports Trade Association: http://www.fsta.org/?page=Demographics
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About theScore Inc.
theScore creates mobile-first sports experiences, connecting fans to
what they love through an addictive combination of real-time news,
scores, fantasy information and alerts while creating and curating
content that is mobile optimized, comprehensive, customizable and
seamlessly shareable. theScore is available on iOS, Android, BlackBerry
and Windows Phone devices.
Forward-looking (safe harbour) statement
Statements made in this news release that relate to future plans, events
or performances are forward-looking statements. Any statement
containing words such as "may", "would", "could", "will", "believes",
"plans", "anticipates", "estimates", "expects" or "intends" and other
similar statements which are not historical facts contained in this
release are forward-looking, and these statements involve risks and
uncertainties and are based on current expectations. Such statements
reflect theScore's current views with respect to future events and are
subject to certain risks, uncertainties and assumptions. Many factors
could cause the Company's actual results, performance or achievements
to be materially different from any future results, performance or
achievements that may be expressed or implied by such forward looking
statements, including among other things, those which are discussed
under the heading "Risk Factors" in the Company's Annual Information
Form as filed with the TSX Venture Exchange and available on SEDAR at www.sedar.com and elsewhere in documents that theScore files from time to time with
securities regulatory authorities. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results could differ
materially from the expectations expressed in these forward-looking
statements. The Company does not intend, and does not assume any
obligation, to update these forward-looking statements except as
required by applicable law or regulatory requirements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE theScore, Inc.