As one of the rapidly growing video game publisher, SouthPeak Interactive Corp. (OTCBB: GSPA), announced they have gone public through the completion of their transaction with Global Services Partners Acquisition Corp. The company changed their name from Global Services to SouthPeak upon the closing of the acquisition, which allowed them to also complete institutional financing.
The company has been growing at an alarming pace, as their unique production model utilizes independent studios to source and produce innovative video games. The company can maximize operational flexibility and profitability by leveraging leading talent in the development sector and minimizing fixed overhead. The video game industry is a growing significantly in the U.S. with software sales expected to grow from $6.5 billion in 2006 to $13.6 billion in 2009, according to Goldman Sachs.
Melanie Mroz, CEO of SouthPeak, expressed her excitement about entering the public markets, “We are excited to enter the public markets and receive a very positive response from the investment community. The opportunity provided through this transaction positions SouthPeak to outpace the industry in terms of revenue and profit growth. We believe the combination of our strong product offering along with our unique business model will drive substantial shareholder value.”
“With the video game industry experiencing phenomenal growth, we are in a strong position to capitalize on the rapid market expansion,” said Terry Phillips, Chairman of SouthPeak. “By securing lasting franchises and approaching the marketplace with a diverse platform strategy, we are able to take full advantage of every revenue opportunity.”
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