Topps has acquired GMG Entertainment, a leading publisher of digital currency cards. Terms of the deal were not disclosed.
The strategic acquisition demonstrates Topps’ intent to expand the brand’s portfolio while entering the digital currency retail space. In addition, Topps will bring manufacturing, design and collectability skills to digital currency cards.
In making this announcement, Topps’ Ryan O’Hara said, “The Topps Co. 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. 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 more than $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’s depth of experience in the retail, digital and consumer space results in a unique understanding of the converging landscape. 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 of 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.”
O’Hara added “We welcome GMG’s best in class management team – Rob Goldberg, Tim Pechmann and Jeff Mickeal – to the Topps family and are extremely excited to grow this category with key partners.”
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. GMG has close partnerships with the innovative top activation and point of sale technology companies in order to deliver clients the best service possible. As Facebook’s global partner in the DCC category, GMG develops, implements and manages the Facebook Credits Digital Currency Card initiative.