Adventure Box Secures Acquisition of Blok Sports and Sparx Technologies
Deal News | Feb 26, 2025 | Globenewswire
Adventure Box Technology AB announced the signing of a Letter of Intent to acquire Blok Sports LLC and a majority stake in Sparx Technologies. This strategic investment, valued at $12 million, will enhance Adventure Box's capabilities in the iGaming sector by integrating Blok’s cutting-edge technology in social sports betting and AI analytics. Sparx Technologies, known for its fan engagement platform used by major networks like ESPN, will diversify Adventure Box's offerings. The transaction underscores Adventure Box's ambition to create a leading portfolio of interactive gaming companies, punctuating its previous acquisition of Lion Gaming Group Inc.
Sectors
- iGaming
- Digital Sports Betting
- Fan Engagement Technologies
Geography
- Sweden – Adventure Box Technology AB is based in Stockholm, Sweden, and is publicly listed on the Nasdaq First North Growth Market.
- United States – Blok Sports and Sparx Technologies, the acquisition targets, are involved in the sports and media industries in the US, working with platforms such as ESPN and Disney.
Industry
- iGaming – The article discusses Adventure Box's expansion into the iGaming industry, specifically through the acquisition of Blok Sports and Sparx Technologies, highlighting their impact on the global sports betting market.
- Digital Sports Betting – Blok Sports provides a social sports betting platform using blockchain technology, which aligns with the article's focus on expanding Adventure Box's gaming and sports betting capabilities.
- Fan Engagement Technologies – Sparx Technologies, involved in fan engagement solutions for major sports, is part of the acquisition, emphasizing the article's relevance to technologies enhancing sports audience interaction.
Financials
- $12 million – Total consideration for the acquisition of Blok Sports LLC and 51% of Sparx Technologies.
- $3,000,000 – Initial issuance of common shares for the acquisition, with additional issuances through December 2027.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Adventure Box Technology AB | Acquirer | Company | Adventure Box is a Swedish company focusing on online game creation platforms, expanding into the iGaming sector. |
| Blok Sports LLC | Target Company | Company | Blok Sports is a decentralized social sports betting exchange built on blockchain technology. |
| Sparx Technologies | Subsidiary | Company | Sparx is a provider of fan engagement solutions, leveraging content and technology for major sports and media companies. |
| Mitchell Chun | CEO of Blok Sports | Person | Mitchell Chun is the CEO of Blok Sports LLC, guiding the company's strategic vision in the sports betting market. |
| Duncan McIntyre | CEO of Adventure Box | Person | As the CEO of Adventure Box, Duncan McIntyre leads the company’s strategic expansion and consolidation in the iGaming sector. |
| Berg Securities | Certified Adviser | Company | Provides advisory services for Adventure Box Technology AB. |