Zedge, Inc. completed the acquisition of GuruShots Ltd. for $34.8 million.
April 12, 2022
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Zedge, Inc. (NYSEAM:ZDGE) agreed to acquire GuruShots Ltd. for $34.8 million on April 1, 2022. The purchase price for the equity securities of GuruShots consists of $18 million in cash payable at closing and contingent payments of up to a maximum of $16.8 million, payable either in cash or Class B common stock of the Company or a combination thereof (in the Company's discretion) payable over two years from closing subject to GuruShots achieving certain financial targets set forth in the SPA. In addition, there will be up to an $8.0 million retention bonus paid to employees over a three-year period, half in cash and half in stock, tied to continued employment with GuruShots during that time.
Zedge, Inc. (NYSEAM:ZDGE) completed the acquisition of GuruShots Ltd. for $34.8 million on April 12, 2022.
Zedge, Inc. is engaged in building digital marketplaces and competitive games. The Company's products include Zedge Ringtones and Wallpapers, which is a freemium digital content marketplace offering mobile phone wallpapers, video wallpapers, ringtones and notification sounds; pAInt, a generative artificial intelligence (AI) wallpaper maker; GuruShots, a skill-based photo challenge game, and Emojipedia. It uses open-source software in connection with its services. The Zedge Ringtones and Wallpapers app is available both in Google Play and the App Store. Its GuruShots product offers a platform spanning iOS, Android, and the Web that provides an educational and structured way for amateur photographers to compete in a variety of contests. It has added non-fungible token (NFT) functionality to a limited number of Zedge Premium creators via NFTs Made Easy, and all NFT Made Easy transactions are made using Zedge Credits.
ZEDGE, INC. 
