Mobile Streams (MOS ) has announced it has taken sole ownership of the LiveScores services for an initial consideration of £125,000 and up to a further £75,000 performance-based payment based on revenue derived from specific existing contracts over the next 12 months.
Both the initial and performance-based considerations will be satisfied through the issue of ordinary shares in the Company, at a price of 0.423 pence per share, and subject to a minimum 12-month lock-in.
LiveScores was originally developed by Tim Scoffham in association with Quanta Media Group ('Quanta') under a revenue share agreement and MOS has now agreed to acquire the entire share capital of LiveScores and cancel the revenue share agreement with Quanta., thereby giving MOS total control of not only the service contracts previously announced, but also the underlying platform, domains and IP that support LiveScores.
LiveScores was launched in Mexico and has subsequently launched in Argentina and Brazil.
Following the acquisition, MOS has also announced that Livescores has now signed four additional B2B contracts to deliver its services in various territories including Italy, India, Turkey and Africa.
Importantly for shareholders, the founder and chief architect, Tim Scoffham will join MOS to lead the global LiveScores business further and develop additional opportunities for the Company.
Tim has spent much of his career in mobile marketing, content creation and affiliation, with emphasis in frontier territories of LATAM, Africa and Asia. Working directly with many telecom carriers around the World, Tim has provided strategies for clients to help better monetise mass audiences through content distribution and engagement.
Tim Scoffham said: “I am delighted to be joining Mobile Streams to lead the global LiveScores business and help grow the wider business. I think there are enormous opportunities for MOS. The company is in an amazing position, and I look ford to helping them accelerate their already impressive growth."
Mark Epstein, CEO Mobile Streams, said: "We are extremely pleased to have someone's with Tim's ability on board. He has great experience in the I-gaming sector, and I look forward to us working together. His significant abilities will be a big help as we continue growing around the world and expanding our offering."