Gaming tournament firm Gfinity buys CEVO

Alys Key
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Call of Duty European Championships Final At The Royal Opera House
Gfinity hosts live esports events (Source: Joe Brady)

London-listed esports company Gfinity has bought up US rival CEVO for the equivalent of $2.7m (£2.07m).

Like Gfinity, CEVO runs esports competitions, pitting the world's best videogame players against each other at live events.

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But it also produces esports products including anti-cheat software which Gfinity uses.

Gfinity said that adding the technology component of CEVO will strengthen the company's position as an end-to-end esports solutions provider, as well as accelerating penetration of the North American market.

Neville Upton, chief executive of Gfinity, said: "It also demonstrates our determination to become a leading global player in the industry having previously delivered events in the UK, France, Mexico and USA since the start of this year."

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The sale involves just under a $1m in upfront cash as well as the issue of ordinary shares.

Last year, CEVO generated revenues of $826,000, $24,000 of which was made selling its products to Gfinity.

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