Versus Systems Closes Acquisition of Xcite Interactive
04 June 2021 - 9:00PM
Versus Systems Inc. (“Versus” or the “Company”) (Nasdaq: VS)
(FRANKFURT: BMVB) announced today the completion of its previously
announced acquisition of Xcite Interactive, Inc. (“Xcite”). The
acquisition was completed through a merger of a wholly-owned
subsidiary of Versus with and into Xcite.
Versus will add its proprietary prizing engine to Xcite’s newly
developed XEO platform that is already in use with multiple
professional sports teams and live major events. This rewards-based
engagement will expand into TV and streaming while capitalizing on
Xcite’s connections with more than 150 sports teams and brands. The
new Versus-XEO platform will allow fans to interact with their
favorite shows, games, and events to win real-world prizes inside
apps, streams, and broadcasts.
Xcite has traditionally worked with college and professional
teams, as well as leagues and major events like the X-Games, the
Olympics and the FIFA World Cup. They have done so largely by
licensing their games and engagement features like polling, trivia,
social walls, and predictive games to content partners for use in
their apps and websites. Versus will continue to grow that partner
footprint while also adding the Versus reward technology and
dynamic regulatory compliance engine so that fans of these teams
and events can win real-world rewards brought to the audience by
partner brands.
The transaction comes on the heels of a successful Versus-Xcite
beta test during the Canelo Alvarez - Billy Joe Saunders
middleweight title fight held at the AT&T Stadium in Dallas,
Texas on May 8, 2021. In partnership with Frias Agency,
Versus worked with Keurig Dr. Pepper brand Crush, rewarding over
one thousand winning audience members with Crush soda alongside
signed boxing gloves and DAZN codes to watch the fight.
“Versus combining with Xcite is a huge step for interactive
media and fan engagement,” said Matthew Pierce, CEO of Versus.
“This acquisition is transformative not only for Versus but for our
audiences, brands, and content partners like teams, game
developers, broadcasters, and streamers of all sizes. Versus adding
rewards to Xcite's already strong base of teams and live events
that use the XEO platform as a service will substantially grow our
product offerings and benefit all our partners. We’ve already seen
industry-leading transaction rates and engagement – even in tests
of our combined products – results that we expect will only improve
over time.”
Matthew Pierce and Versus President and CFO Craig Finster will
retain their roles at the subsidiary, with the Versus Board of
Directors also becoming the Xcite Board.
Pursuant to the definitive acquisition agreement, Versus paid
approximately $15.2 million dollars to acquire the capital stock of
Xcite, for a combination of Versus common shares and cash.
Continuing employees of Xcite will also receive options to purchase
Versus shares from an approximately $2.25M retention equity plan.
The overall consideration is subject to customary post-closing
adjustments.
About Xcite Interactive
Xcite Interactive is a global leader engaging online audiences
at scale; we make every event more fun and profitable. Our
cloud-scale web services platform brings the latest technology for
gamification, content interaction and intelligence. We bring
“audience expression” to another level and offer actionable moments
for sponsors. You'll find our technology empowering the NFL, NBA,
NHL and MLB, Olympics, World Cup, X-Games, Formula1 and corporate
events around the globe. For more information, visit
www.xcitelive.com.
About Versus Systems
Versus Systems Inc. has developed a proprietary prizing and
promotions engine that allows publishers, developers, and creators
of streaming media, live events, broadcast TV, games, apps, and
other content to offer real world prizes inside their content.
Audiences can choose from among the offered prizes and then
complete in-game or in-app challenges to win the prizes. The
Versus platform can be integrated into streaming media, TV, mobile,
console, and PC games, as well as mobile apps. For more
information, please visit www.versussystems.com or
visit the official Versus Systems YouTube
channel.
Investor contact:Cody Slach and Sophie
PearsonGateway Investor
Relations949-574-3860IR@versussystems.comorpress@versussystems.com
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