Maxamtech, which has its proprietary Gaming 360 platform, creates technology and games for the mobile gaming industry.
It offers a variety of gaming destinations for businesses including Vodafone and Glance.
The acquisition is in line with QYOU Media’s strategy to expand its portfolio of direct-to-consumer products in India.
Curt Marvis, Global CEO and Co-Founder, QYOU Media Inc, said: “We originally met with the Maxamtech founders over a year ago. We knew right away that there could be a powerful combination of their technology and gaming expertise with our ability to reach young audiences in a mass scale that has now surpassed 125 million weekly viewers As we move forward into 2023 to create greater opportunities to leverage our audience reach with new monetization and interactivity products, it was a natural fit to bring this into our business more direct.”
Krishna Menon, COO, QYOU Media India, added, “We aim to continue to expand and diversify our offerings beyond providing entertainment. Acquiring the talented team at Maxamtech Digital Ventures is another strategic step towards this goal.”
Founded in 2017, Maxamtech Digital Ventures is led by Indian gaming industry veterans Xerxes Mullen and Sundeep Thusu. Their respective list of clients and partners over the years have included Disney India, Sony, Viacom18, Zee5, Ooredoo, Glance, SpiceJet and others.
Most recently, the company announced a key partnership with Vodafone to boost the telco’s efforts in the mobile gaming category.
Both Maxamtech founders will continue to serve in leadership roles in the business, overseeing all technology, business development and marketing efforts.
“We’ve been looking for the right partner to take our business to the next level,” says Mullen. “Gaming continues to be one of the biggest opportunities in the Indian media and entertainment segment and we feel fully aligned with QYOU Media and the QYOU Media India management team on how we can really grow our business in a smart and profitable way. We couldn’t be more excited to begin this journey together.”
The mobile gaming industry in India has seen unprecedented growth in recent years.
KPMG has reported that there are 420 million online gamers in India, making it second only to China. This trajectory is being driven by the growing younger population gaining more disposable income combined with a rapid increase in the use of smartphones.
Revenue in the mobile gaming industry is expected to exceed $5 billion by 2025, largely driven by the discovery and adoption of casual and free-to-play games, a specialty of Maxamtech’s Gaming 360 platform.