The Topps Company has acquired GMG Entertainment, the leading publisher of digital currency cards, it was announced by Ryan O’Hara, the CEO of Topps. Terms of the deal were not disclosed.
GMG has been providing gift cards for Facebook, which users can buy and use for that company's online games.
The market for digital currency is increasing as more free games are available online. Using it allows players the chance to buy virtual goods inside the game. Instead of using a credit card online, game cards can be purchased in cash and redeemed inside the gaming platform.
The strategic acquisition links two of the world’s leading card manufacturers and demonstrates what Topps says is its intent to "expand the brand’s portfolio while entering the Digital Currency retail space". In addition, Topps says it will bring manufacturing, design and collectability skills to digital currency cards.
Just days ago, Topps announced it had hired Rob Goldberg as its new Digital Vice-President.
“The Topps Company has found an ideal acquisition – GMG is a complementary business to our core and one that pivots us into the high-growth retail and digital convergence arena with partners such as Facebook," said Topps' CEO Ryan O'Hara. "We are delighted to have Rob Goldberg as part of Topps’ senior management. He is a pioneer in new technologies for new digital services delivered at retail and follows in the footsteps of 60 years of creating new products for Topps.”
The rapidly growing Digital Currency market is projected to hit over $7 billion during the 2011 fiscal year, according to market research firm In-Stat, doubling by 2014. GMG and Topps are positioned to drive revenue for its clients through digital currency cards sold at retail worldwide.
GMG works on behalf of leading online game, entertainment and social media destinations to grow their revenue through digital currency cards sold at top retailers in the United States and around the world.
“GMG is excited to join a global and forward thinking business such as Topps,” said Rob Goldberg, CEO, GMG. “We are looking forward to joining the Topps family as we look to accelerate and grow the category and amplify both of our core businesses on a worldwide platform.”
GMG was founded in 2002 to capitalize on the opportunity to link the digital and retail worlds, and in 2007 pioneered the business of developing digital currency products and services for digital entertainment companies that are attempting to monetize their businesses via offline channels. As Facebook’s global partner in the DCC category, GMG develops, implements and manages the Facebook Credits Digital Currency Card initiative.