Second DFS acquisition in six months
Seattle-based mobile technology firm SinglePoint Inc. has acquired an interest in daily fantasy sports company DraftFury paid through a combination of SinglePoint's common stock and cash for an undisclosed consideration.
"This is a great company with great management and a unique 7-level referral program and an optimized interface which provides a superior gaming experience for users," said SinglePoint chief executive officer Greg Lambrecht. "I am confident this will play an integral role in building shareholder value on the near term and invaluable relationships for the long-term. We feel DraftFury is going to be worth a lot of money."
This acquisition marks SinglePoint's second this year in the daily fantasy sports sector. The company acquired an ownership stake in Go-Draft.com in March 2016, also for an undisclosed consideration.
"[Singlepoint] execs feel this is a terrific flagship transaction in the Company's overall rollup acquisition strategy, with others currently in negotiation," a company statement said.
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