Grom Social Enterprises enters LOI to acquire gaming company Arctic7

Grom Social Enterprises entered into a non-binding letter of intent to acquire Arctic7, an emerging gaming industry service provider, in a 100% equity transaction. Grom’s addition of Arctic7 could serve as an entry point for the company to secure a foothold in the growing and lucrative gaming industry and also explore opportunities to leverage gaming technology to serve the entertainment needs of today’s kids and families in new, innovative ways. The acquisition of Arctic7 would complement Grom’s existing entertainment offerings of safe, social media for kids and its growing catalog of original intellectual property from Curiosity Ink Media, which Grom acquired in 2021. Under the leadership of its CEO, Igor Efremov, Arctic7 has quickly established itself in the gaming industry and demonstrated impressive growth, achieving $7.9M in its first fiscal year and anticipates reaching approximately $14M in FY24. Launched in 2022, Arctic7 has focused on becoming an industry leader and innovator by delivering exceptional experiences in full game development, co-development, and virtual production for its partners and players and serve as a nexus for creative collaboration within the entertainment industry.