Versus Systems closes $15.2M acquisition of Xcite Interactive; plans integration of XEO fan engagement platform

Versus Systems Inc (NASDAQ:VS) (FRA:BMVB) has completed its previously announced $15.2 million cash and stock acquisition of Xcite Interactive Inc, the company announced.  The acquisition was completed through a merger of Versus' wholly-owned subsidiary with Xcite, the company said. Versus will add its proprietary prizing engine to Xcite’s newly developed XEO fan engagement platform, which is already in use with multiple professional sports teams and live major events.  This rewards-based engagement will expand into TV and streaming while capitalizing on Xcite’s connections with more than 150 sports teams and brands, the company said. The new Versus-XEO platform will allow fans to interact with their favorite shows, games and events to win real-world prizes inside apps, streams, and broadcasts.  READ: Versus Systems appoints Jennifer Prince, Global VP and Head of Content Partnerships for Twitter to its board of directors Xcite has worked with college and professional teams, as well as leagues and major events like the X-Games, the Olympics and the FIFA World Cup. The company licenses its games and engagement features, such as polling, trivia, social walls and predictive games to content partners for use in their apps and websites. Versus said it will continue to grow its partner footprint. The deal follows a successful Versus-Xcite beta test during the middleweight boxing championship fight between Canelo Alvarez and Billy Joe Saunders on May 8. In partnership with Frias Agency, Versus worked with Keurig Dr. Pepper brand Crush, rewarding more than 1,000 audience members with Crush soda alongside signed boxing gloves and DAZN codes to watch the fight. “Versus combining with Xcite is a huge step for interactive media and fan engagement,” Versus CEO Matthew Pierce said in a statement. “This acquisition is transformative not only for Versus but for our audiences, brands, and content partners like teams, game developers, broadcasters, and streamers of all sizes. “Versus adding rewards to Xcite's already strong base of teams and live events that use the XEO platform as a service will substantially grow our product offerings and benefit all our partners. We’ve already seen industry-leading transaction rates and engagement – even in tests of our combined products – results that we expect will only improve over time.” Pierce and Versus CFO Craig Finster will retain their roles at the subsidiary, the company said, and the Versus board of directors will become the Xcite board. Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com Follow him on Twitter @andrew_kessel