Alpha Esports Tech secures wagering platform acquisition

Canadian esports marketing and tournament organiser Alpha Esports Tech has put pen to paper on a letter of intent (LOI) to acquire esports wagering platform HypeX.gg.

The purchase agreement will see Alpha Esports Tech exchange 700,000 of its common shares, priced at £0.26, for all issued and outstanding shares in HypeX.

Formed in 2018, HypeX recently exited its beta version of its platform, which ran more than 100,000 competitive tournaments and awarded more than £37,000 in prize money.

HypeX confirmed that its new, fully operational wagering platform will launch in seven days and will feature a “seamless tournament experience, new games and event modes, facilitated team forming, and more”.

The acquisition marks another arrow in the quiver for Alpha Esports Tech, as it continues its M&A strategy, with the group now afforded access to a further 50,000 users and an active tournament community thanks to the deal.

Evan Ryer, HypeX.gg co-founder, said the merger would help support the platform’s journey to becoming a major player in the esports betting ecosystem.

Ryer said: “We are excited for the opportunity to join the Alpha Tech team on our mission to build the world’s greatest esports gaming platform. This potential deal demonstrates the significant progress HypeX has made since its inception in 2018 and will significantly expand our product capabilities and offering.”

Matthew Schmidt, Alpha Esports Tech interim CEO, added: “HypeX has done a tremendous job of building a state-of-the-art gaming platform and they will bring a tremendous amount of value to Alpha Tech through user growth, tournaments, contests, experience and more.”