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Playtika Growth Investments will target companies that are
already profitable or near break-even and have proven business
models and products, the company said, noting that portfolio
companies will have access to Playtika's marketing, analytics,
technology and product teams.
Playtika, which has spent over $300 million buying more than 10
companies since it was founded in 2010, was acquired in 2016 by
a Chinese private equity consortium led by Giant Network Group
<002558.SZ> for $4.4 billion.
The Israel-based maker of casino-style games, such as Slotomania,
for social networks has annual revenue of more than $1.1 billion
and employs over 1,700 people in 10 countries. It has 20 million
monthly active users.
Eric Rapps, managing director of Playtika Growth, told Reuters
that a "very significant majority" of the $400 million will be
invested in Israel.
The money will be invested from Playtika's own funds over the
next four years, with the first investment expected to be made
within six to 12 months, Rapps said.
"We recognized that over the past eight years we have unique
insights into how to grow an online business," he said, adding
that Playtika itself grew from a very small startup.
(Reporting by Tova Cohen; Editing by Steven Scheer and Louise
Heavens)
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