Gaming firm Nazara Technologies has disclosed its plans to acquire the intellectual property rights associated with Ultimate Teen Patti from Games24x7 for a sum of Rs.10 crore, according to a regulatory filing, reported by the Business Standard.

Ultimate Teen Patti (UTP), introduced in 2015, stands as a free casual card game designed for entertainment only, it doesn’t offer real-money rewards to its players.

The filing stated that “Next Wave Multimedia Private Limited, a subsidiary of the company, at their meeting held today i.e. on April 04, 2024, has approved the acquisition of all the Intellectual Property rights pertaining to the ‘UTP – Ultimate Teen Patti’ casual freemium card game software and associated trademarks.”

Nazara Technologies is the listed gaming company in India. They have multiple verticals like mobile mages, esports, sports news and gaming marketing. Earlier in March 2024, the company announced that it had allocated $100 million for acquisitions and mergers for the next 24 months starting April 2024. The acquisition of Ultimate Teen Patti is the first in their plan.

The acquisition is set to be executed via assignment from U Games Private Limited, a subsidiary of Play Games24x7 Private Limited, for a total consideration of Rs.10 crore, inclusive of applicable taxes. Out of this amount, Rs.9 crore has already been disbursed, with the remaining Rs.1 crore scheduled for payment upon the completion of specifically identified activities associated with the transfer of services and backend integrations related to the UTP IP Assets, as per the IP assignment agreement.

The deal is expected to close within 90 days.

The filing also mentioned that the acquisition of UTP IP Assets will enable Nextwave to broaden its portfolio in the casual freemium gaming realm.