TruFin's Playstack sheds augmented reality platform to focus on games publishing

11:58, 21st November 2023
Victor Parker
Vox Newswire

[image: Playstack]

TruFin (TRUFollow | TRU, a fintech-focused investment company, announced that its gaming subsidiary Playstack has entered into a Letter of Intent to sell IP and assets of its augmented reality AdTech platform "Interact" to VCI Global.

The disposal and transaction terms are pending final confirmation. TruFin said any cash consideration was not expected to be significant in the context of the wider company. The disposal assets are currently held at zero value on TruFin's balance sheet.


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As Playstack has refocused on games publishing, the proposed transaction will give the TruFin subsidiary additional resources to support its growing publishing pipeline. The move is logical given the new focus on publishing that will not benefit from the augmented reality platform. VCIG is a more natural fit for the asset, which is a Nasdaq-listed consulting group with business and technology advisory practices, headquartered in Malaysia.

While Playstack is shedding non-core assets, another TruFin portfolio company, Oxygen Finance, recently announced the acquisition of and all associated assets for £0.5m. The acquisition complements the early payments programme provider's existing Insights Services data products, providing valuable cross-selling opportunities.

In its most recent interim results for H1 2023, TruFin detailed significant growth in its portfolio, with group revenues rising 35% to £8.5m. Revenues at Oxygen, Satago, Playstack and Vertus rose 8%, 180%, 7%, and 67% respectively. TruFin's EBITDA loss narrowed by 12% to £3.8m from £4.3m a year ago while pre-tax loss came in at £6.2m due to a one-off net impairment loss of £1.3m on goodwill (linked to the sale of TruFin's stake in Vertus) and a depreciation and amortisation charge of £1.2m.

TruFin remains well funded with £7.8m in cash as of August 31 2023 after a successful fundraise in June.

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