Galactico Corp to acquire Beembox Technologies for Rs60 million; stock soars ~3%

20 Jul 2022 , 03:44 PM

Galactico Corporate Services Limited announced that it has decided to acquire a controlling stake in Beembox Technologies Private Limited, a fantasy gaming application firm. The transaction will be an all-cash deal worth Rs60 million.

Beembox Technologies will help the company to promote and develop a variety of fantasy gaming applications.

“We have seen a tremendous change in the way sports have become a part and parcel of our life,” commented Vipul Lathi, Chairman of Galactico Corporate Services Ltd.

He further added, “A huge number of people who have never participated in different types of sports have started engaging in online games in which they compete with one another while devising different strategies and staying connected to the sport.

This shift resulted in a significant increase in online fantasy gaming. Galactico has always expressed a desire to be a part of the upcoming shift. Through emerging innovations, we hope to contribute to a brighter future for skill-based gaming. We are laying the groundwork for a new type of skill-based gaming that has never been seen before.”

Galactico Corp ended at Rs65.30, up by 3.08% against its previous close of Rs63.35 on BSE.