G5 Entertainment today announced the company has acquired shares in the US-based real estate blockchain-based game Upland for USD 2 million, paid in cash
STOCKHOLM–(BUSINESS WIRE)–“G5 is highly cash generative, and we are interested in investing in promising new segments of the ever-evolving gaming market. Within our area of expertise, G5 is constantly investing in the development of our own portfolio of games, our publishing platform, and our marketing tools and efforts. In areas of expertise adjacent to G5’s, we are looking for companies with a strategic fit that we can potentially acquire. Outside of G5’s current areas of expertise, we are open to acquiring a minority stake to expand the company’s knowledge and network and help promising new companies achieve their goals, as happened with Uplandme Inc., where we have acquired shares corresponding to an ownership of 0.7 percent. We are impressed by Upland’s pioneering vision, innovative approach, and fast growth, and look forward to following their progress,” said Vlad Suglobov, CEO of G5 Entertainment.
Upland is a metaverse platform based on real-world addresses, allowing players to buy, collect, sell, and trade virtual properties in currently 15 cities across the US, much like the classic board game Monopoly. True ownership within the game is secured on the blockchain. Players can build various structures on top of their properties, operate virtual businesses and connect with others in social settings. Transactions in Upland are conducted either in UPX, Upland’s in-game currency, or in US$. Additional UPX can be bought using a credit card, PayPal, cryptocurrencies or mobile app stores. Upland is available on iOS, Android and the web. It can be played from anywhere in the world.
About G5 Entertainment
G5 Entertainment AB (Publ) (G5) develops and publishes high quality free-to-play games for smartphones, tablets and personal computers that are family friendly, easy to learn, and targeted at the widest audience of both experienced and novice players. The company distributes its games through the G5 Store, Apple App store, Google Play, Amazon Appstore and Microsoft Store. The company’s portfolio includes popular games like Jewels of Rome™, Sherlock: Hidden Match-3 Cases™, Jewels of the Wild West®, Hidden City®, Mahjong Journey®, The Secret Society® and Wordplay: Search Word Puzzle™.
Through its head entity G5 Entertainment AB (Publ), G5 Entertainment Group is publicly listed on Nasdaq Stockholm’s main market mid cap segment under trade symbol G5EN.ST. Forsix years in a row, G5 Entertainment was ranked in Deloitte’s Top 50 Fastest Growing Tech Companies in Sweden.
More information about G5 Entertainment can be found at: https://corporate.g5e.com
For additional information please contact:
Vlad Suglobov, CEO, email@example.com
Stefan Wikstrand, CFO, +46 76 00 11 115