Egyptian startup GBarena, the leading Middle Eastern e-sports platform, has acquired the Tunisia-based Galactech in a share swap deal worth US$15 million.
Founded in 2016 by Mustafa Zaza and Bishoy Mesdary, GBarena aims to create an online gaming community connecting gamers with tournament organisers and providing them with a platform where they can manage their tournaments through fully automated processes.
Galactech, on the other hand, was founded in 2019 by Houcem Maiza and Houssem Zouaghi, and now has over 200,000 active users. Its acquisition supports GBArena’s plans to expand into the GCC, including Saudi Arabia, with further expansion plans in the Middle Eastern esports industry. GBarena will leverage the on-ground presence and capabilities that Galactech has in Riyadh, Dubai, and Tunisia.
Valued at around $15 million, in the form of a share swap, it marks a milestone transaction for GBarena in anticipation of closing its Series A later this year, with participation from investors in the US, Singapore and the MENA region.
“Our goal has always been to provide our users with an unparalleled e-sports experience, no matter where they’re located in the world. With our acquisition of Galactech, we can now ensure that our users from North Africa will have access to identical features and content they have come to expect from us while providing them with extensive opportunities for growth and development within the esports community,” GBarena CEO Samer Wagdy said.
“We’re very happy to be taking a step forward to fulfil the vision we started embarking on the journey with. Under GBArena’s ownership, Galactech will be able to tap into both GBArena’s established user base and resources to strengthen its presence in the region,” said Houcem Maiza, Galactech’s CEO, who will be joining GBArena as Co-CEO.