Intel reaches for the cloud with acquisition of gaming on-demand technology provider RemoteMyApp
RemoteMyApp provides B2C corporations with a full-stack package of technology and content to power custom-made cloud gaming services. The start-up’s roster of clients includes, among others, the telecom giant Deutsche Telekom who in July 2020 launched its cloud gaming platform MagentaGaming, powered by RemoteMyApp. The company also owns and operates a popular cloud gaming service Vortex.gg. Since its launch in 2017, Vortex.gg applications have been downloaded more than 10 million times across various platforms.
Intel Corporation is purchasing RemoteMyApp, a start-up providing cloud gaming technology and gaming content to international businesses. Incubated and based in Poland, the company has been backed by Deutsche Telekom, MCI Capital, and Tar Heel Capital Pathfinder.
The global tech giant is acquiring RemoteMyApp's entire business unit, including its technology platform and team. The management team at RemoteMyApp will be joining the team at Intel.
“RemoteMyApp has been consistently growing its business and technology to become one of the top cloud gaming technology providers in the world, which has now been confirmed by this acquisition.” says Michał Wrzołek, Senior Investment Director at Tar Heel Capital Pathfinder.
Mirko Heide, Managing Director of IEG - Investment Banking Group, comments: “We at IEG have been at the forefront of global gaming transactions and we are proud to have orchestrated this landmark deal that will change the cloud gaming scene remarkably”.
RemoteMyApp is a provider of cloud gaming technology and gaming content to international businesses. It allows global enterprises to offer state-of-the-art, fully customised cloud gaming solutions to their customers. The company also owns a cloud-based games-on-demand service, Vortex.gg, which makes gaming possible anywhere, at any time, and on a huge variety of devices. Based in Poland, the company was incubated in 2014 by the Tar Heel Capital Pathfinder venture building fund and has been backed by MCI Capital and Deutsche Telekom, among other investors.
Intel Corporation delivers computer, networking, data storage, and communications platforms. Founded in 1968, Intel’s technology has been at the centre of computing inventions. The industry leader engages in the design, manufacture, and sale of computer products and technologies and is creating world-changing technology that empowers global development. Intel Corporation is the world-leading initiator for future technologies such as artificial intelligence (AI), 5G network transformation, and the rise of the intelligent edge.
The sale of RemoteMyApp is a standout transaction for both the Polish technology and start-up market. Over the last years, it has seen steady growth in the number and value of venture capital investments which has not been matched by equally impressive exits.
“We are very proud to have supported RMA development over the past years in this remarkable journey which ends in strategic acquisition by Intel Corporation. This is one of the biggest success stories of ‘early-stage funds’ portfolio supported by MCI Capital Group.” says Tomasz Czechowicz, CEO of MCI Capital SA.