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Gaming software startup Overwolf has acquired ad tech company NitroPay to grow ad revenue, CEO Uri Marchand tells Axios. 

Why it matters: The deal comes amid the growing popularity of games like Roblox and the ensuing rise of in-game advertising. 

Catch up quick: Founded in 2010, Overwolf offers tools to create, manage and monetize experiences within games, like in-game apps, mods and private servers. 

The Tel Aviv-based company has raised more than $150 million in total. It last raised $75 million in Series D funding in November 2021, led by Andreessen Horowitz.

Previously, Overwolf acquired Clash Royale fan site StatsRoyale.com, mod management platform CurseForge, Minecraft downloadable content site MCPEDL and server monetization service Tebex. It has invested in other companies.

Zoom in: Overwolf's existing platform offers in-play ads across thousands of desktop apps that integrate with games like Minecraft and Fortnite. This deal adds a network of ad-supported websites that expands Overworld's audience from about 45 million monthly gamers to more than 100 million, Marchand says. 

NitroPay works with more than 500 websites, including gaming sites, by offering display ads, ads in a customizable video player and ad-free viewing through subscriptions.

Marchand says he has known NitroPay co-founder Cody Bye for more than a decade. Overwolf started working with NitroPay about a year ago and later pursued an acquisition.

Founded in 2016, Missouri-based NitroPay did not raise capital. It has seven employees, including the three co-founders. All are joining Overwolf, which now has 171 employees. 

Marchand declined to share the exact deal size but said it was a mix of cash and stock and included earnouts. 

What's next: NitroPay will rebrand to Nitro. Marchand says he is committed to speed, paying publishers within seven days, ensuring fast ad loads and providing customer support within 24 hours. 

Marchand plans to grow Nitro in part by introducing direct ad sales. Nitro's revenue, which totaled $20 million in 2023, had come purely from programmatic ads.

Overwolf is not planning to raise capital soon. Marchand says he is interested in other acquisitions for tools that support the current business, suggesting a generative AI tool for building mods or another ad network. 

Marchand says his priority has been growing its payments to in-game creators, which was $201 million in 2023. The goal is $250 million in 2024.  

Gaming startup Overwolf buys publisher ad platform NitroPay

The gaming software startup is boosting its reach.

Illustration of a floating Mario-style block with a dollar sign on it.

Games

Gaming software startup Overwolf has acquired ad tech company NitroPay to grow ad revenue, CEO Uri Marchand tells Axios. Why it matters: The deal comes amid the growing popularity of games like <a class="gtmContentClick" data-vars-link-text="Roblox" data-vars-click-url="https://www.axios.com/pro/media-deals/2024/05/01/roblox-video-ads-ias-kantar" data-vars-content-id="c8637c77-3617-41b2-9537-0e7a5e8ee10f" data-vars-headline="Gaming startup Overwolf buys publisher ad platform NitroPay" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/media-deals/2024/05/01/roblox-video-ads-ias-kantar" target="_self">Roblox</a> and the ensuing rise of in-game advertising.

Gaming startup Overwolf buys publisher ad platform NitroPay

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