GameSquare Pays $8.5M for Click Management + Revenue and EBITDA Valuation Multiples

September 19, 2025 by Adam Tung

RockWater Roundup

M&A analysis of the creator economy to make you a better operator and investor.

Today we congratulate our client Click Management on their sale to GameSquare. A great win for cofounders Emma Barnes, Grace Watkins, and Elliott Watkins, and their teams.

While we normally can’t share deal details due to confidentiality, today we can dig into valuation and multiples due to public disclosures on the deal. This is the blessing of GameSquare being a public company. But, where there isn’t public disclosure, we can only share what’s reported in company press releases and trade reports due to confidentiality requirements.

As I’ve mentioned before, increased transparency around creator economy dealmaking is great for our growing industry – I wrote more about this in our DotDigital / Social Snowball deal analysis.

Let’s break it down…

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–TARGET: Click Management–

Overview

Gaming-focused talent management company for creators and digital influencers
Founded by Grace Watkins (Co-CEO), Emma Barnes (Co-CEO), and Elliott Watkins
Elliott Watkins, Grace’s brother and Click co-founder, is a top Australian gaming YouTuber (Muselk with 9M+ subscribers)
Founders and majority of team based in Sydney, Australia, plus offices in NY
50 members associated on LinkedIn

Company Highlights

75 active gaming creators
545 global commercial deals closed in 2024
Recently awarded “Best Talent Management Agency” by AiMCO

Business Lines

Talent Management & Representation…
Career strategy, contract negotiation, and opportunity sourcing
Comprehensive representation across YouTube, Twitch, TikTok, etc
Brand Partnerships & Campaigns…
Partnership activations across APAC, North America, and EMEA
Creator Platform Services…
Provides new creators with easy setup guides and help to start streaming, grow their channel, and engage viewers on Facebook Gaming
Twitch and Facebook Gaming onboarding, optimization, and platform education
Monetization support, content planning, and community growth programs
Social presence and cross-platform expansion services

Capital Markets History

Sep ‘25: Acquired by GameSquare for $8.5M upfront

Financials (USD)

Per Press Release…
PF 2025E Revenue: $14.5M, up 16.9% YoY
PF 2025E EBITDA: $1.2M
2024 Revenue: $12.4M
2024 EBITDA: NA

–BUYER: GameSquare–

Overview

Next-generation media, entertainment, and technology company
Mission = transform how brands connect with Gen Z, Gen Alpha, and Millennial audiences
M&A growth strategy includes 6 acquisitions and 2 divestitures since 2022
CEO is Justin Kenna, previously CFO of FaZe Clan
HQ in Frisco, TX, incl offices in UK and Spain
132 employees as of April 2025
Founded in 2011

Company Highlights

1B+ audience reach through creators and media channels
110+ brand partners across gaming and lifestyle
1,800+ creator campaigns executed in 2024
Runs Ethereum treasury management program. Owns $35M ETH, has up to $250M authorization

Business Lines

Media & Agency…
Gaming Community Network: digital media co for gaming / esports audiences
Mission Supply: merchandise and consumer products biz
FaZe: lifestyle and media platform rooted in gaming
Fourth Frame Studios: creative production studio
Zoned: gaming and lifestyle marketing agency
Code Red: UK-based esports talent agency
Frankly Media: programmatic advertising
Technology Solutions…
Sideqik: social influencer marketing platform
Stream Hatchet: livestreaming analytics

Stock Performance

Listed on NASDAQ: GAME
$0.74 as of 9.17.25
Down 3.5% MoM
Down 19% YoY

Financials (USD)

(per public filings. FY ends Dec 31)

PF 2H 2025 (incl Click)…
2H 2025E Revenue: $36.8M, down 26% YoY
2H 2024 Revenue: $50M
Down 26.2% YoY
2H 2025 Adj EBITDA: $2.9M, 1st time profitable in 5+ years
2H 2024 Adj EBITDA: ($6.5M)
FY 2024…
Revenue: $96.2M, up 133% YoY
Loss from continuing ops: ($46M), down from ($25M) YoY
Adj EBITDA: ($16M), down from ($11.1M) YoY
Adj EBITDA Margin: (16%)
Net loss: ($54.3M), down from ($31.3M) YoY
2024 Segment Revenue…
Teams: $32.0M
Agency: $12.1M
SaaS + Advertising: $52.1M

Valuation

(per stockanalysis.com)

Mkt Cap: $73.7M
C&CE: $4.7M
Total Debt: $9.6M
Enterprise Value: $78.6M
Enterprise Value Multiples…
2024 Revenue: 0.8x
2024 EBITDA: NA
LTM June 2025 Revenue: 0.8x
LTM June 2025 EBITDA: NA

Capital Markets History

Sep ‘25: Acquired Click Management for $8.5M
Jul ‘25: Raised a second public offering worth $70M
Mar ‘24: Sold its esports team Complexity Gaming / NextGen Tech. to Global Esports Properties for $10.4M
Mar ‘24: Acquired FaZeHoldings for $17M (our deal analysis)
Dec ‘23: Sold Frankly Radio business to SoCast for $3.4M
Aug ‘22: Raised $3.24M in PIPE

–DEAL DETAILS–

Overview

Announced September 10, 2025
$8.5M USD purchase price + $3M USD earnout
100% buyout, founders stay on

Deal Consideration

$4.5M cash at close
$4.0M cash within 60 days of Dec 31
$3.0M potential earnout over next 2 years
TOTAL potential purchase price: $11.5M USD

Valuation

No earnout ($8.5M)…
2024 Revenue: 0.7x
2024 EBITDA: NA
PF 2025E Revenue: 0.6x
PF 2025E EBITDA: 7.1x

Incl earnous ($11.5M)…
2024 Revenue: 0.9x
2024 EBITDA: NA
PF 2025E Revenue: 0.8x
PF 2025E EBITDA: 9.6x

Strategic Rationale

Click adds 75 gaming creators to GameSquare’s existing FaZe Clan roster, strengthening position in creator economy gaming
Click’s Australia and US presence complements GameSquare’s North American focus, and extends GameSquare’s lifestyle and gaming marketing capabilities
Twitch and Facebook Gaming Creator Service Provider (CSP) status offers new platform support and service for GameSquare
Combining Click’s talent management with GameSquare’s tech and media assets enhances full funnel campaign execution and operational scalability

Post-Deal Operations

Click integrated into GameSquare’s media and agency business alongside Zoned Gaming
Founders Grace Watkins and Emma Barnes retain Co-CEO roles and help with integration
With acquisition, GameSquare projects H2 2025 pro-forma revenue of $36.8M and adjusted EBITDA of $2.9M
Part of GameSquare’s broader simplification strategy by integrating Click Management’s talent management services, while streamlining operations by merging Sideqik into Stream Hatchet and divesting Frankly Media

–WHAT ELSE I FIND INTERESTING–

2025 has seen active M&A consolidation of talent, influencer, and marketing agencies in Australia.
In addition to the GameSquare / Click deal we discussed above, I also think of Launchd buying 2 Australia-based companies: influencer marketing agency Hoozu in July 2025, and influencer talent agency Huume in June 2025.
Of note, both of the above companies were acquired from IZEA, which had previously bought the business via its 2023 acquisition of Hoozu (which owned Huume, its talent management division). Our deal analysis.
Further, Hoozu, under IZEA at the time, also bought Australia-based 26 Talent based in July 2024 (our deal analysis).
The key drivers for the Australian deal activity is to cater to APAC’s growing digital economy by establishing a foothold and / or gaining more capabilities and resources in the region. This strategy will help market players position to be the go-to influencing marketing partner for brands in APAC.
There’s a lot more deal activity in the broader marketing agency sector in Australia. I also think of Parc Capital-backed Merchantwise buying agencies Jaywing and Frank Digital in August 2025 (their 2nd major purchase in 2025), as well as Common Interest buying a 51% stake in global creative agency Amplify in April 2025, and Hardie Grant Media acquiring creative communications agency Keep Left in August 2025.
Of note, our RockWater team is running a sell-side M&A process for an Australia-based content x talent business. DM me on LinkedIn if you want to learn more.

Capital flows to talent-centric businesses are increasing in 2025.
From talent management and agencies, to influencer marketing and more. We’ve written about this extensively on our deal blog.
For more context on what’s happening in the talent market, and specifically for digital talent management, check out our deal analysis of 3 Arts buying two talent management companies in June 2025, and our deal analysis of Propagate buying Parker Management in May 2025.
Here’s some good market context from our Parker Management analysis…
“Just last week, Whalar, a creator-focused marketing agency and media company, recently raised funding at a $400M valuation. And yesterday, Publicis announced its acquisition of influencer marketing firm Captiv8 for a reported $150M. Further, there’s been extensive PE-backed talent rep M&A, previously covered in our analysis of Carlyle’s investment into Entertainment 360, and also in Eldridge’s $13M investment into Fixated.
Specifically for talent management, like the Parker Management and Nine Four deals, we count 25+ talent management transactions since 2022.
Buyers have ranged from digital marketing agencies and social publishers to gaming co’s, talent agencies, and diversified entertainment co’s. This is due to the fact that management companies are still largely independent, the landscape is still very fragmented, and particularly…. the rapid-rise of digital-focused talent orgs, and their growing financial performance AND relevance to the modern media ecosystem.”

Growing transparency in creator economy valuations and financial performance.
I wrote about this in Dotdigital / Social Snowball analysis. It’s worth reiterating…
“With the growth of creator economy dealmaking, and new buyers entering the mix (including those who are publicly listed), we’re beginning to see more transparency and disclosure in deal valuations and companies’ financial performance. This is valuable since most creator economy deals over the past decade have been between private companies, or were at a smaller scale and thus considered “immaterial”, meaning public disclosure wasn’t required.
But now, public companies like Publicis / WPP / Dotdigital are collectively spending billions on creator economy acquisitions, and creating much-needed public comps which offer crucial deal data points.
Further, the upcoming MrBeast IPO which have required public disclosures like its S-1 filing, will *hopefully* provide good insights into the making of a billion-dollar creator business. I expect to see details on MrBeast’s business model, financial performance, team composition, operating structure, growth opportunities, key risks, and more.
Having more public data about our industry’s operators and dealmaking will help us all navigate the growing and evolving creator x media landscape, and in turn will enable smarter investing and better-informed dealmaking. That’s a great win for our industry.”

I’m the founder of RockWater Industries. We do M&A and strategy advisory for creator economy and digital agencies. From buy / sell-side M&A and fundraising, to consumer research and go-to-market planning.

DM me on LinkedIn or email me chris@wearerockwater.com

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GameSquare Pays $8.5M for Click Management + Revenue and EBITDA Valuation Multiples