GameSquare Esports Inc. acquired U.S.-based Complexity Gaming for $27 million in an all-stock transaction, GameSquare announced Wednesday.
Complexity founder Jason Lake will continue to serve as its CEO and also will become GameSquare’s global head of esports. Complexity’s headquarters will remain in Frisco, Texas, with “an increased investment in key growth areas of esports competition, gaming content creation and first-party gaming events,” according to a news release from Toronto-based GameSquare.
As part of the acquisition, Complexity’s ownership group will increase its stake in esports and become major shareholders in GameSquare. That includes Dallas Cowboys owner Jerry Jones and investor John Goff, who will spearhead GameSquare’s $13.7 million financing round.
Cowboys CFO Tom Walker and Travis Goff, president of Goff Capital and a member of the Complexity board of directors, will join the GameSquare board.
“Complexity’s rich history in esports and gaming was a natural fit for GameSquare as we strive to build the future of esports,” said Justin Kenna, the GameSquare CEO. “They are a powerhouse combination of winning teams, world-class facilities, and professional management, and the value of the relationships with the Dallas Cowboys, the Jones family, and the Goff family cannot be understated. In my view, Complexity has built a tremendous foundation that is perfectly positioned for its next phase of growth and profitability.”
Jones said the partnership makes sense.
“Professional gaming has grown at an incredible pace in the three and a half years since our group acquired Complexity Gaming,” he said. “I am confident that the partnership with GameSquare will fast track revenue growth at Complexity while staying true to the team’s commitment to winning. We’re investing in Justin’s experience in esports, his financial background, and the bench strength of the team he leads to build GameSquare into the most successful esports organization in the world.”
Other assets for GameSquare include Code Red, an esports talent agency that gave GameSquare exposure to the European marketplace, as well as Reciprocity, which provided further access to the North American market as well as to Asia and Latin America.
–Field Level Media