TechCrunch is reporting that American Express has acquired Sometrics, an in-game payments provider and virtual currency platform, in a deal worth $30 million.
“Both parties declined to reveal further details about the split between cash and stock,” adds TechCrunch. “Sometrics will become part of the Enterprise Growth Group, and will be used within American Express’ Serve digital payments platform to incorporate virtual currencies and loyalty programs.”
The acquisition will allow American Express greater access to promote its payment platform to the gaming community. Founded in 2007, California-based Sometrics enables online game monetization with its virtual currency platform that facilitates in-game payments and purchases of digital goods, according to its website. Sometrics has processed 3.3 trillion units virtual currency since its debut, according to TechCrunch.
“Sometrics also serves users with targeted offers based on their location, demographic, conversion history and social affiliation,” continues TechCrunch. “The company currently supports dozens of payment options (including mobile carrier infrastructure and credit card support) and hundreds of brand engagement ads, reaching a total global audience of more than 225 million consumers in more than 200 countries.”
In addition, Sometrics manages GameCoins.com, a virtual marketplace that is compatible with Facebook Credits currency.
Currently, Sometrics has earned $6 million in funding from the Mail Room Fund, an investment group comprised of AT&T, William Morris Talent Agency, Accel and Venrock, Greycroft Partners, and Steamboat Ventures. Click here to read the full TechCrunch report.