he acquisition provides NYX Gaming Group with a studio that produces casino gaming content that caters traditionally to a North American bricks-and-mortar clientele. Side City produces gaming art and animations, math and sounds of high quality and delivers these via two business models: direct contracts with game manufacturers and through game distribution agreements for both land-based and online gaming.
The studio provides NYX Gaming Group with an excellent base in North America to expand its development capabilities in the talent rich market of Montréal. The purchase price consisted of the issuance of 333,000 ordinary shares of NYX Gaming Group and a maximum performance-based cash payment of CAD $4.0 million conditional upon Side City meeting certain performance criteria for the 2016 and 2017 calendar years. The total assets acquired were less than 0.5% of NYX Gaming Group's total assets at June 30, 2015.
Matt Davey, Chief Executive Officer, NYX Gaming Group said, "Side City is another example of NYX's ability to identify and execute on investments that fit into the global content strategy of the company. Further, Side City gives us unique content for the North American market that complements our existing North American business and gives us an entry point to the United States land-based market with existing customer relationships."