Versus Systems Closes Acquisition of Xcite Interactive
Versus Systems Inc announced 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.
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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.
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“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.
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