Arctic7 Set To Be Acquired By Media, Technology & Entertainment Company Grom Social Enterprises, Inc
March 14 2024 - 11:15AM
Arctic7, which provides a robust suite
of full game and co-development services together with own
intellectual property development within gaming, and virtual
production services for the movie and TV industry, has today
announced it has agreed to be acquired by Grom Social Enterprises,
Inc (NASDAQ: GROM).
Grom – a media, technology, and entertainment company focused on
family-friendly programming, web filtering technology and
safe social media for kids – has entered into a non-binding letter
of intent to acquire Arctic7. Grom aims to complement its
existing entertainment offerings of safe, social media for
kids and its growing catalog of original intellectual property with
a move into gaming.
Arctic7 CEO Igor Efremov said: “Our vision for
Arctic7 is to become a leader in the gaming and film & TV
space, offering full game development, co-development, transmedia
and virtual production capabilities and ensuring we continue
to develop a world class team together with strong
relationships across the industry. Teaming up with Grom allows us
to more vigorously pursue a roll up strategy approach to
potentially expand our business even further. Next week, we’ll be
at GDC 2024, which is the perfect venue to identify
opportunities for growth.”
“We continue to successfully execute against this vision and are
excited that this has been recognized by Grom Social
Enterprises while also being enthused at how the partnership can
further fuel our growth as we continue to develop engaging
content, grow our amazing team, and accelerate our M&A
efforts working with Grom on their journey to become a leading
entertainment company.”
Grom CEO Darren Marks said: “Grom welcomes the
opportunity to bring Arctic7 into the Grom portfolio to
further fuel Arctic7’s vision of offering both gaming and virtual
production capabilities, while together, we explore
integrating Arctic7’s expertise into our expanding
entertainment ecosystem. Content collaboration,
cross-promotional opportunities, product licensing, brand
partnerships, merchandising, interactive experiences, educational
gaming initiatives, and much more are at the heart of this
partnership.”
Upon completion of the acquisition, Arctic7 will operate as a
division within Grom and will continue to execute against its
current strategy of delivering exciting and engaging experiences
for players and partners. In the coming weeks and months,
Grom and Arctic7 intend to explore partnership opportunities
and titles presented by the Grom acquisition.
Arctic7 executives will be attending GDC 2024 in San Francisco
and available to meet with press and client partners and
prospects to explore both business development and acquisition
opportunities that complement and expand current Arctic7
offerings.
Press contact: Jon Goddard
(jon.goddard@arctic7.com) / Paul Ward (paul@gromsocial.com)
Partnerships contact: Bill Anker
(bill.anker@arctic7.com)
About Arctic7 Established in 2022, Arctic7 is
an industry leading team focused on delivering exceptional
experiences via full game development, co-development and
virtual production. With a focus on forming strategic
partnerships, we aim to work with the world’s leading gaming,
TV and movie companies delivering unparalleled experiences to
our partners and players. Our diverse and experienced team, drawn
from industry- leading gaming, film, and TV companies, is
uniquely equipped to excel in this mission. With a growing global
footprint, our four studios are strategically situated two US
locations, Canada and Europe. Each studio, being an integral part
of our collective strength of more than 120 dedicated
professionals, contributes to the rich tapestry of culture
and creativity that defines Arctic7. www.arctic7.com
About Grom Social Enterprises, Inc. Grom
Social Enterprises, Inc. (NASDAQ: GROM) is a growing social media
platform and original content provider of entertainment for
children under 13, which provides safe and secure digital
environments for kids that can be monitored by their parents
or guardians. The Company has several operating subsidiaries,
including Grom Social, which delivers its content through mobile
and desktop environments (web portal and apps) that entertain
children, lets them interact with friends, access relevant news,
and play proprietary games while teaching them about being
good digital citizens and Curiosity Ink Media, a global media
company that develops, acquires, builds, grows, and maximizes
the short, mid & long-term commercial potential of Kids
& Family entertainment properties and associated business
opportunities. The Company also owns and operates Top Draw
Animation, which produces award-winning animation content for some
of the largest international media companies in the world.
Grom also includes Grom Educational Services, which provides web
filtering for K-12 schools, government and private
businesses. For more information, please visit
https://gromsocial.com or for investor relations, please
visit https://investors.gromsocial.com
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