A Canadian company formerly known as ISIS promotes fun on social networks — and nobody gets hurt.

Canadian Imperus Technologies Corp. agreed to purchase Israeli social gaming firm Diwip for $100 Million on October 14.

The first $50 million will be paid up front and the rest will be paid over the next two years if the company reaches certain financial targets.

Diwip designs and develops casino-themed games — including slots, bingo, Texas hold’em Poker, roulette, blackjack and video poker. The company then distributes the games on social networks like Facebook and Vkontakte. All of Diwip’s games are free to play, and Diwip generates revenue through the in-game sale of virtual goods and advertising.

The company has 24 million registered users and generated approximately US $14.7 million of EBITDA earnings in 2013. They have developed a complete suite of mobile games expected to be ready for deployment in the first quarter of 2015. Imperus will retain the company’s approximately 50+ employees. The company was incorporated in Israel in October 2010 by Ehud Kantzuker and Yaniv Gamzo, both software engineers. From 2008 to 2010, Kantzuker was a software engineer in a private software start-up company involved in the business of optimization and development of algorithms. From 2008 to 2010, Mr. Gamzo was a software engineer with NICE Actimize, a public company that provides financial crime, risk and compliance solutions for regional and global financial institutions and government regulators.

“We are very excited about this transaction, and the tremendous value it brings to both parties and their shareholders,” said Daniel Kajouie, President and CEO of Imperus.

“The acquisition of Diwip provides Imperus immediate access to a broad market base,” he said. “Diwip’s proprietary online social gaming and mobile gaming products are synergistic with the Imperus product line and our philosophies.”

Gambling on a new name

Imperus Technologies Corp is a Canadian online gaming company. In September 2014 they changed their name from ISIS Lab Corporation.  The name had a nice ring to it, but due to unforseen political developments, it turned out to be a bad bet.

Imperus was the winner of “The Most Innovative Start-up Company of the Year” at the 2013 GIGSE Conference, in San Francisco, California.