X1 Esports unveils plans to acquire Tyrus Talent Services

X1 Esports and Entertainment, the gaming and media portfolio company, announced it agreed to acquire the influence management firm that empowers content creators, influencers and gamers, Tyrus Talent Services. The company unveiled details regarding the agreed combination on Monday.

Ultimately, with the acquisition that is valued at approximately $350,000, X1 Esports is seeking to create a new revenue stream. The company also aims to expand its reach and tap into the Gen Z demographic.

The total cost of the acquisition is approximately $350,000 but from that amount, X1 Esports would pay $150,000 as cash payment within 60 days of closing of the deal. The company explained that the outstanding amount will be paid "at closing, of 555,555 fully-paid common shares in the capital of the Company at a deemed issue price of $0.45 per Common Share."

According to the recent announcement, an additional bonus payment may be applicable as well. The bonus payment which is set at $100,000 is contingent on Tyrus reaching $1.75m in revenue for its first year. X1 Esports explained that this bonus payment may be completed in common shares or cash.

Mark Elfenbein, X1 Esports' CEO, shared his excitement in a statement released on July 18, 2022. He said: "The Tyrus platform expertly bridges the gap between international brands and the gaming ecosystem." Additionally, Elfenbein explained: "The addition of the Company to our portfolio will help to establish X1 as an advertising sales organization with access to some of the most sought-after content creators in the video games category."

Tyrus' CEO, Amanda Solomon, outlined that the company is excited to become a part of X1 Esports. She added: "Our main focus with Tyrus is to be an industry disrupter by offering white glove services to our talent and diverse and inclusive roster of highly talented influencers who are enabling global brands to access and engage motivated Gen Z audiences." In conclusion, Solomon predicted that as a part of X1 Esports, Tyrus will reach a new level of growth.

Founded back in 2015, Tyrus quickly grew to become a premier digital influencer management firm. The company joins forces with content creators from YouTube, Twitch, TikTok and other popular social media channels and offers comprehensive management. Its services also include the development of brand growth strategies, as well as the management of partnerships.

On the other hand, X1 Esports is a Vancouver-headquartered company that focuses on building assets by combining strategic mergers and acquisitions with organic growth opportunities. Currently, the company owns and operates RixGG, a fast-growing esports franchise.

Image credit: Pixabay.com