Australia-listed Animoca Brands acquires US digital collectible marketplace Quidd

Australia-listed technology company Animoca Brands Corporation is acquiring New York-based Quidd Inc, the owner and operator of marketplace for digital collectibles, according to a press statement.

Animoca Brands will pay an upfront sum of $5 million in the all-stock deal. In addition to that, it will also add up to $3 million of earn-out payment based on the company’s annual profit achievement in the next three years.

Per the agreement, Animoca will grant $1 million earnout payment each year if Quidd achieves a $1.25 million of net profit in the first year, $1.5 million in the second year and $2 million in the third year.

Animoca has acquired Quidd from its co-founder Michael Bramlage as well as various non-founder shareholders. The completion of the deal is subject to shareholders approval and due diligence.

The Australia-listed company will fund the Quidd acquisition with its recent capital raise of A$8 million led by its key strategic investor Harmony, as well as other participants CCBC, Tribeca Investments, Perennial Value Management, SG Hiscock, Sun Hung Kai Financial, and few individual investors.

The funds will also be used to enable further expansion by bringing Quidd into Asian and European markets.

According to the statement, the acquisition of Quidd will bring the intellectual property (IP) and media relationships to Animoca Brands and provide opportunities to expand its virtual goods and digital collectibles strategy.

Launched in 2016, Quidd claims to have the world’s largest assortment of digital collectibles licences and partnerships with over 325 individual brands.

Quidd has issued and sold over 2.1 billion individually-serialized digital collectibles. Quidd had an average of 208,000 monthly active users for the first half of 2019, with a majority of them based in the US.

Since its launch, Quidd has built a community of 6.8 million users who collectively own more than 2.1 billion digital collectibles on its platform. The community is mostly located in the US with a small minority of users located in Canada and Australia.

In November 2017, Quidd raised $13 million in a Series A funding led by Sequoia Capital. Quidd has generated over $10 million in total transaction value from the sale of digital collectibles on its app.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.