Blockdot: ShareRoot adds fourth revenue stream with acquisition of LA game developer Ludomade

Shareroot Ltd (ASX:SRO) has added a fourth revenue stream to its business, with the acquisition of a Los-Angeles based game developer to Hollywood, Ludomade Inc. Ludomade names Warner Brothers, Sony Pictures, Starz, USA Networks among its clients, as the company focuses on game development for leading entertainment brands. Also today, the company completed a $780,000 capital raising to professional and sophisticated investors at 3 cents each. The Sanlam Private Wealth Pty Ltd-led placement added 260,333,331 to ShareRoot's registry, with each share coming with a free-attaching option priced at 8 cents each which expires READ: ShareRoot increases the Social Science takings amid MediaConsent interest The acquisition will give ShareRoot and its MediaConsent platform access to Ludomade's top-tier client base. The parent company hopes to become an early mover in legally-compliant digital marketing and privacy protection for the US$100 billion international mobile gaming and app industry. ShareRoot reported today: "The acquisition of Ludomade adds an additional revenue stream to ShareRoot as well as expansion into the entertainment and game and app development industries with an increasing need for data and consumer privacy solutions." The two companies have been collaborating over the past three months to "smoothly integrate" Ludomade's business into ShareRoot. READ: ShareRoot's MediaConsent platform to be utilised in clinical setting for brain research ShareRoot's chief executive officer Noah Abelson-Gertler told the market: "Completing the funding and acquisition of Ludomade establishes ShareRoot as an incumbent technology partner to the world's leading entertainment brands whilst adding MediaConsent's legal and compliance capability for those brands games and applications. "In addition, the Ludomade acquisition helps drive the company's continued revenue growth. "The company will continue growing revenues and gaining market share in the data privacy and entertainment space as well as benefiting from the combined business synergies." The company today published an updated presentation for the market, affirming it continued to expect it would grow revenues and decrease expenditure in the next 6 to 12 months. ShareRoot's MediaConsent consumer preference and consent management platform can be used as an identity and access management tool. The platform is currently being beta-tested to a small audience, with a full launch in the works. Global giant Facebook, Inc. (NASDAQ:FB, ETR:FB2A, SWX:FB, BIT:FB) threw its support behind the company's platform in August 2018, giving the MediaConsent access to the social network's authentication program. MediaConsent users will be able to sign into the platform with their Facebook accounts. READ: ShareRoot to integrate secure login technology with its MediaConsent platform ShareRoot's major shareholders include strategic investor and European Parliament member Antanas 'Tony G' Guoga. Lithuanian businessman Tony G is an internet and blockchain entrepreneur. Shareroot's shares were trading at 3 cents by late afternoon.