London-headquartered eSports brand Gfinity announced earlier today that it has acquired CEVO in an attempt to spread its influence across the North-American market. CEVO is a major developer of e-Sports tech, including anti-cheat software. The acquisition price is $2.7 million in cash and shares.
CEVO was founded in 2003 and since then, it has been playing a major role on the e-sports scene. The company has developed a number of applications as well as a tournament management system and broadcasting software utilized by some of the most prominent e-sports organizations on a global scale.
Gfinity was also among the companies that have been using CEVO’s tech over the last few years. Gfinity and CEVO worked together on multiple occasions in the past. Last year, they teamed up for the Counter Strike: Global Offensive Pro League, and the Gfinity Elite Series.
Neville Upton, Chief Executive of Gfinity, was reached for comment on the matter. He was quoted as saying that the CEVO’s acquisition was expected to strengthen Gfinity’s positions on the e-sports technology market. He also added that the deal should be regarded as a commitment to becoming a key figure in the e-sports industry.
CEVO’s CEO, Eric Ping, said that the company members were excited at the opportunity to join Gfinity and work together towards creating “world-class global e-sports business”. He also added that the combined technical capability of the two firms should result in providing their business partners with premium-class e-sports products.
Last week, Gfinity made the headlines with the partnership with ELEVEN SPORTS. As a result, the Elite Series will be aired in seven countries.
As for CEVO’s acquisition, market analysts define it as surprising and yet reasonable. Although it provides Gfinity with good chances of becoming a “leading global player” time will tell whether the company will manage to outperform its competitors.
