Freeplay casino game developer PlayStudios is set to go public with a merger with Acies Acquisition Corporation and will be listed on the Nasdaq stock exchange.
The company will launch on the market with a valuation of $1.1 billion and it touts a partnership with MGM Resorts for their social casino, which providers users the chance to win real rewards to be used at MGM properties around the globe. Thus far, users of the app have redeemed 10 million prizes with a valuation of $500 million.
The company has seen revenues rise annually by about 22% over the past few years and are projected to rise by 27% through 2022.
Commenting on the launch PlayStudios CEO Andrew Pascal said, “From our inception, we set out to create wonderfully compelling games that were free-to-play and offered real-world rewards. We’ve now demonstrated the positive, long-term impact of this value proposition with our current portfolio of apps, and we’re poised to carry that success into new products and new game genres.
“Becoming a public company and securing the resources and support of key institutional investors will enable us to accelerate our growth as we launch new products, pursue new acquisition opportunities, and scale up our unique playAwards loyalty program.”