Zynga Acquires Rising Tide Games From Former Exec Maytal Olsha
The roller coaster ride of social gaming giant Zynga has been well documented by our team. The once undisputed social gaming powerhouse had had a lot of ups and down in the last few years. One thing that is apparent is that they never disappoint in making surprising moves.
Last September we reported on one of many high profile Zynga execs leaving in somewhat of a “strange manner”. One such exec was Maytal Olsha who at the time quietly left Zynga. She was a former 888 executive and was one of the many departures under the reign of the then CEO Don Mattrick. The comeback of former CEO and Founder Mark Pincus has been interesting to say the least and he is not shy to admit mistakes.
It has been announced that Zynga has acquired Rising Tide Games which Maytal Olsha started. Zynga confirmed the acquisition of the social casino company which is part of a market that is expected to grow to $4 billion in 2016 according to Eilers Research. Of course this is not the first acquisition of a social gaming company as they acquired Spooky Cool Labs in 2013 who are behind the Hit It Rich! Slots.
Pincus commented on the acquisition and said,” We are excited to welcome the deeply talented Rising Tide Games team to Zynga, as we continue to expand our Social Casino game offerings. Zynga has a long history in the Social Casino space, as Zynga Poker is the original social game and remains the world’s largest free poker game. We look forward to our Poker and Slots teams continuing to deliver games that delight our players.”
Olsha in turn gave her side of the deal,” I am excited for Rising Tide Games to join forces with Zynga. I look forward to once again partnering with Mark, the talented Spooky Cool team and the Zynga Austin Studio to create authentic and truly social free-to-play games. Together, with our amazing Rising Tide Games family, I believe we can deliver fun, unique Social Slots experiences to players around the world in the growing Social Casino gaming space.”
While their share price still remains about 70 percent lower that their $10 IPO price, Zynga have succeeded in growing their social slots franchise bookings by 274 percent between Q2 2014 and Q2 2015.