Florida-based, NASDAQ-listed entertainment provider enters into Letter of Intent to acquire Arctic7 to broaden its portfolio of offerings
Arctic7 bolsters strategy to become a leader in the intersection of game development, co-development, virtual production, transmedia IP extension
AUSTIN, Texas, March 14, 2024 (GLOBE NEWSWIRE) -- Arctic7, which provides a robust suite of full game and co-development services together with own intellectual property development within gaming, and virtual production services for the movie and TV industry, has today announced it has agreed to be acquired by Grom Social Enterprises, Inc (NASDAQ: GROM).
Grom - a media, technology, and entertainment company focused on family-friendly programming, web filtering technology and safe social media for kids - has entered into a non-binding letter of intent to acquire Arctic7. Grom aims to complement its existing entertainment offerings of safe, social media for kids and its growing catalog of original intellectual property with a move into gaming.
Arctic7 CEO Igor Efremov said: "Our vision for Arctic7 is to become a leader in the gaming and film & TV space, offering full game development, co-development, transmedia and virtual production capabilities and ensuring we continue to develop a world class team together with strong relationships across the industry. Teaming up with Grom allows us to more vigorously pursue a roll up strategy approach to potentially expand our business even further. Next week, we'll be at GDC 2024, which is the perfect venue to identify opportunities for growth."
"We continue to successfully execute against this vision and are excited that this has been recognized by Grom Social Enterprises while also being enthused at how the partnership can further fuel our growth as we continue to develop engaging content, grow our amazing team, and accelerate our M&A efforts working with Grom on their journey to become a leading entertainment company."
Grom CEO Darren Marks said: "Grom welcomes the opportunity to bring Arctic7 into the Grom portfolio to further fuel Arctic7's vision of offering both gaming and virtual production capabilities, while together, we explore integrating Arctic7's expertise into our expanding entertainment ecosystem. Content collaboration, cross-promotional opportunities, product licensing, brand partnerships, merchandising, interactive experiences, educational gaming initiatives, and much more are at the heart of this partnership."
Upon completion of the acquisition, Arctic7 will operate as a division within Grom and will continue to execute against its current strategy of delivering exciting and engaging experiences for players and partners. In the coming weeks and months, Grom and Arctic7 intend to explore partnership opportunities and titles presented by the Grom acquisition.
Arctic7 executives will be attending GDC 2024 in San Francisco and available to meet with press and client partners and prospects to explore both business development and acquisition opportunities that complement and expand current Arctic7 offerings.
Press contact: Jon Goddard (jon.goddard@arctic7.com) / Paul Ward (paul@gromsocial.com)Partnerships contact: Bill Anker (bill.anker@arctic7.com)
About Arctic7
Established in 2022, Arctic7 is an industry leading team focused on delivering exceptional experiences via full game development, co-development and virtual production. With a focus on forming strategic partnerships, we aim to work with the world's leading gaming, TV and movie companies delivering unparalleled experiences to our partners and players. Our diverse and experienced team, drawn from industry- leading gaming, film, and TV companies, is uniquely equipped to excel in this mission. With a growing global footprint, our four studios are strategically situated two US locations, Canada and Europe. Each studio, being an integral part of our collective strength of more than 120 dedicated professionals, contributes to the rich tapestry of culture and creativity that defines Arctic7.
www.arctic7.com
About Grom Social Enterprises, Inc.
Grom Social Enterprises, Inc. (NASDAQ: GROM) is a growing social media platform and original content provider of entertainment for children under 13, which provides safe and secure digital environments for kids that can be monitored by their parents or guardians. The Company has several operating subsidiaries, including Grom Social, which delivers its content through mobile and desktop environments (web portal and apps) that entertain children, lets them interact with friends, access relevant news, and play proprietary games while teaching them about being good digital citizens and Curiosity Ink Media, a global media company that develops, acquires, builds, grows, and maximizes the short, mid & long-term commercial potential of Kids & Family entertainment properties and associated business opportunities. The Company also owns and operates Top Draw Animation, which produces award-winning animation content for some of the largest international media companies in the world. Grom also includes Grom Educational Services, which provides web filtering for K-12 schools, government and private businesses. For more information, please visit https://gromsocial.com or for investor relations, please visit https://investors.gromsocial.com
