Versus Systems has entered into a definitive agreement with Xcite Interactive to acquire 100 per cent of Xcite’s capital stock.
Xcite is a specialist in interactive audience engagement, having worked with over 150 professional teams across the NFL, NBA, NHL, and MLB as well as the World Cup, Formula1, and other live events worldwide. Xcite has ongoing relationships with dozens of teams and content partners that will now be able to access Versus patented rewards platform inside their apps, streams, and broadcasts. The newly developed XEO platform will offer fans the ability to interact with shows, games, and events, winning rewards and prizes from their favourite brands.
“This merger will allow us to build the next generation of audience engagement products,” said Matthew Pierce, CEO of Versus. “Versus will take its patented rewards, advertising, and engagement tools and add them to Xcite’s XEO platform – bringing rewards and engagement to broadcasters, streamers, teams, live events, and recorded media. Audiences will be able to win real rewards while watching their favourite games, teams, streams, and live events – on any device. With the new suite of products enabled by this acquisition, brands win, broadcasters win, teams win, and fans win too.”
“Adding Versus to XEO is going to add so much value to TV and streaming,” said Sean Hopkins, founder and Chief Product Officer of Xcite. “We’re already working with over 150 professional sports teams and being able to bring our complete engagement platform to all kinds of broadcasters, Influencers and teams will improve the experience for fans, for brands, and for our content partners. The power of our enhanced platforms will redefine fan engagement for years to come.”
The definitive agreement calls for Versus to purchase 100 per cent of Xcite for $19 million in Versus stock less a net working capital adjustment, as described in the definitive agreement, and a $2.25 million retention pool for Xcite employees. Xcite will be a wholly-owned subsidiary of Versus Systems with Matthew Pierce, Versus CEO, and Craig Finster, Versus President and CFO, taking on those same roles at the subsidiary. The Versus Board of Directors will also become the Xcite board.