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Clairvest Adds to Gaming Portfolio with a New Investment in Head InfoTech
Toronto, Ontario (April 28, 2017) – Clairvest Group Inc. (TSX: CVG) (“Clairvest”) today announces that it, together with limited partnerships controlled by it, made a US$73.7 million investment in Head InfoTech India Pvt. Ltd (“Head InfoTech” or the “Company”). Clairvest’s portion of the investment will be approximately US$40 million.
Head InfoTech operates Ace2Three, the leading online skill based gaming platform in India providing distinctive online Rummy experiences to over 8 million customers. The opportunity was originated through Clairvest’s extensive domain work in the global gaming industry.
“This is an exciting new platform that builds on Clairvest’s 15 years’ experience in the gaming industry and expands our track record into skill gaming. We look forward to supporting the Company achieve its growth plan and are especially excited to partner with Deepak Gullapalli, a visionary entrepreneur and innovator with a top-notch organization”, said Michael Wagman, Managing Director of Clairvest.
“The Ace2Three platform is about to embark upon an exciting growth trajectory. Clairvest brings much more than capital to this deal: it brings a wealth of experience in building companies of our size as well as expertise in the gaming space which makes Clairvest a valuable resource to the Company”, said Deepak Gullapalli, Founder and CEO of Head InfoTech.
Head InfoTech is Clairvest’s 48th platform investment and the fourth investment by CEP V. The Clairvest / CEP V co-investment pool is capitalized at $600 million and focuses on equity investments in growth companies.
Khaitan & Co acted as legal advisor to Clairvest.
Director, Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270
Fax: (416) 925-5753