SMAASH Entertainment has entered an agreement to acquire esports organization Simplicity Esports.

Simplicity managing director and founder Jed Kaplan will join SMAAASH as co-CEO.

Kaplan is a minority owner of the NBA’s Memphis Grizzlies, and launched Simplicity earlier this year.

Sports and gaming entertainment company SMAAASH Entertainment (NASDAQ: SMSH) has entered into a definitive agreement to acquire esports organization Simplicity Esports through an all-stock acquisition. The deal is planned to be finalized by the end of the year. Financial details were not disclosed.

Simplicity Esports was founded earlier this year by Memphis Grizzlies minority owner Jed Kaplan. The organization fields teams in PlayerUnknown’s Battlegrounds , Gears of War , and NHL 19, and had a spot in the now-defunct Heroes of the Storm Global Championship. Following the acquisition, Kaplan will join SMAAASH’s executive leadership team as co-CEO.

“I am pleased to announce the signing of the definitive agreement with Simplicity Esports,” said Jacob Cherian, CEO of SMAAASH Entertainment in a release. “Our acquisition of Simplicity, in an all-stock deal, creates the first pure play esports team and entertainment platform opportunity on NASDAQ, which we believe will increase shareholder value and boost our growth strategy as we endeavor the build out of our brick and mortar esports centers. I am also pleased to welcome Jed Kaplan as Co-CEO. Jed brings tremendous experience representing professional sports team ownership with a track record of success, and a clear vision to uniquely position the company as a leading esports entertainment business.”

SMAAASH operates entertainment centers throughout the world featuring virtual and augmented reality experiences. SMAAASH Entertainment was created following the merger of I-AM Capital Acquisition Company and SMAASH Entertainment Pvt. last month. In 2017, I-AM Capital raised $50M in it’s U.S. IPO, priced at $11.50 USD per share. At time of writing, the company’s stock price was $2.25 per share.