This post was originally published on this site
https://i-invdn-com.investing.com/news/LYNXNPEC2D15L_M.jpg
By Dhirendra Tripathi
Investing – Shares of Skillz Platform Inc (NYSE:SKLZ) jumped by more than 16% Wednesday as market players lapped up its decision to buy technology-driven marketing platform called Arki because they see the acquisition bringing more players to the mobile games platform.
Skillz will acquire 100% of Aarki for approximately $150 million in cash and stock. The transaction is expected to close by September.
Aarki relies on artificial intelligence and machine learning capabilities to enhance its advertising capabilities to bring competition to more than 465 million monthly users.
The approximately 160 employees of the Sunnyvale, California-headquartered outlet will join the Skillz workforce, with Aarki CEO Levon Budagyan continuing to lead the business as a division of the company.
