My Play won the special jury award at the Tokyo Game Show last year
Yesterday, it announced it has executed a term sheet for the proposed acquisition, which will comprise of cash and shares capped at AUD $6 million (US$4.57 million). This will be paid out over three tranches.
Consideration will be based on the future earnings of My Play with earnout — which entitles the company to additional compensation if it hits certain financial goals in the future — over a two-year period.
The management will also be required to issue employment contracts of not less than three years. Additionally, iSentric shares issued as part of the consideration will be held under escrow for 12 months from the dates of issue.
Under iSentric’s wing, My Play will be able to accelerate the expansion of its market share both in Myanmar and other Southeast Asian markets. In addition, iSentric will leverage My Play’s digital payment platform to extend its digital technology.
“The proposed acquisition meets all the key acquisition criteria of the company. My Play is profitable and has unique mobile game technology which we plan to utilise through our existing Gamebuffet platform in Malaysia and Indonesia,” said Sean Tham, CEO of iSentric.
Launched by co-founders Myint Kyaw Thu and Zaw Ye Myint, both with over 10 years of experience in the gaming industry.
It has a portfolio of five mobile games, which collectively attracts 1 million active gamers. Most of them are tailored towards local culture and tastes, with games titles such as Rage of Rama, Age of Bayintnuang, and Paw Thwut, which is a popular local cartoon character.
The games are integrated on its own social gaming platform, which has features such as chat, virtual currencies and virtual items trading, as well as stickers. It also has its own news broadcasting platform and own payment platform MyPAY, which is used for in-game purchases.
Huge cuts in sim card prices in Myanmar have led to a rapid growth in mobile subscribers — 45 million to date — and by that extension, smartphone users. This, in turn, has allowed the mobile gaming market in the frontier market to blossom.
Beyond the Myanmar market, My Play has also gained publicity in the regional gaming sector. At the 2016 Tokyo Game show, My Play clinched the special jury award for its character Rickshaw Ngapain, a protagonist in its Ngapain and Thingyan mobile runner game. In the game, players help Ngapain and his rickshaw navigate obstacles and “splash water on other players.”
Image Credit: My Play