Australian gaming services provider Aristocrat Leisure Limited (ASX:ALL) announced it has agreed to acquire US online social casino company Product Madness Inc for an undisclosed sum, expanding into the social gaming sector.
Through the deal, the buyer will be able to bolster its footprint in the online gaming sector, Aristocrat said, adding that it had also acquired the firm’s management and employees. As part of the agreement, Lior Shiff and Jose Brotons, co-founders of Product Madness, will continue to head the business.
Product Madness has a headcount of over 20 across offices in San Francisco and London. It has launched various Facebook games since its establishment in 2007.
Aristocrat’s managing director and chief executive officer Jamie Odell said that the deal, together with other recent investments, is in line with the company’s strategy for growth through online channels.