Bengaluru: Nazara Technologies has appointed Bluetile and BestPlay founder Raymond A Stauffer as its new CEO while revamping its proposed acquisition of the two gaming companies into a $303 million all-cash deal.Founder Nitish Mittersain will step down as CEO when Stauffer takes charge on Sept 1, subject to regulatory approvals. He will continue as managing director and focus on Nazara’s long-term strategy, portfolio management and key partnerships.Stauffer will oversee Nazara’s day-to-day operations, including the integration of its portfolio companies and collaboration across product development, artificial intelligence, data, user acquisition and monetisation.Nazara will acquire 100% of Bluetile and BestPlay at closing for a fixed consideration of $303 million. It will pay $89 million at the first closing, with the remaining $214 million to be paid in agreed instalments by April 1, 2027.The earlier structure involved acquiring about half the businesses initially for $100.3 million. It also included performance-linked payments of up to $98.2 million and provisions to acquire the remaining stake later. The revised deal removes the stock component, future valuation uncertainty and shared ownership.Bluetile and BestPlay reported revenue of Rs 518 crore and operating profit of Rs 55 crore in the June quarter. Nazara expects to consolidate their financial performance from the Sept quarter, subject to completion of the acquisition.“Having led the company through two distinct phases of its evolution, I believe this is the right time to strengthen its leadership structure with a dedicated CEO who brings deep international operating experience,” Mittersain said.Nazara reported a net loss of Rs 82.47 crore for the June quarter, compared with a profit of Rs 51.34 crore a year earlier. Total income declined 24% to Rs 437.55 crore from Rs 575.87 crore. The loss included Rs 62.41 crore as Nazara’s share of losses from associate companies and an impairment charge of Rs 21.81 crore.Its core gaming revenue, however, rose 14% to Rs 275 crore. The segment posted an operating profit of Rs 54 crore, with a margin of 19.5%. Fusebox, Kiddopia and Animal Jam all reported revenue growth during the quarter.
