Skillz Inc SKLZ is trading higher Wednesday morning after the company announced an acquisition that will allow it to create an esports advertising platform.
What Happened: Skillz entered into an agreement to acquire a leading technology-driven marketing platform, Aarki, for approximately $150 million in cash and stock. Aarki is a growing demand-side platform that engages in about five trillion monthly advertising auctions.
“Aarki’s proven machine learning will pair with Skillz’s robust first-party data to create an unrivaled value proposition for game developers," said Andrew Paradise, CEO of Skillz.
Price Action: Skillz has traded as high as $46.29 and as low as $12.40 since it went public via SPAC in December 2020.
At last check Wednesday, the stock was up 4.7% in premarket trading at $17.80.
Photo courtesy of Skillz.
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