Guru Experience Co., the app specialist for the cultural sector, has announced it has been purchased by Live Current Media, Inc. as part of an all-stock transaction.
According to the terms of the acquisition agreement, Live Current has agreed to issue 3 million restricted common shares to Guru shareholders in consideration of all of Guru’s issued and existing shares. In addition to the share exchange, the Company has agreed to issue 1.25 million restricted common shares to retain key personnel, and Guru’s present CEO, Suzie Dergham, has agreed to a contractual arrangement to continue her efforts in building the Guru experience.
“I am happy that our agreement has been ratified and we can now focus on accelerating the growth of Guru,” says Dergham. “We have a fantastic plan lined up for 2023 and being a part of Live Current will help us to execute on that plan.”
Social interactions
Live Current Media Inc. is a media technology firm which operates the Kast watch party platform, providing a virtual living room where friends can watch movies, play games, and hang out together. Kast’s multi-channel watch party solution sits at the crossroads of fast-growing markets including live events, social media, video streaming, and gaming.
The platform is accessible online via internet browsers, iOS, and Android, and is accessible through a limited free subscription service as well as an expanded premium subscription with more bandwidth and capabilities.
Continued growth
Guru works in the global VR Market which is valued at $28 billion and is predicted to increase at a compound annual growth rate of 15% between 2022 and 2030, reaching a value of $87 billion in 2030.
CEO & director Mark Ollila adds: “Guru’s revenue has been growing at a double-digit rate the past couple of years and we believe that with the added experience provided by Live Current, we can increase that growth in the coming years.
“To date, Guru has been scratching the surface of the potential growth available in the market. And it is an exciting market when you consider the power of AR and VR to tell the stories that Guru’s clients will demand.”
Earlier this year Guru collaborated with a leading cultural organisation to promote African American heritage with a digital Black Heritage Trail.
