NEW YORK ( TheStreet) -- GameStop ( GME) said on Tuesday that it will acquire Kongregate, a social gaming site. Kongregate currently boasts 10 million users who spend about 23 hours a month on the site. The deal is expected to close by Aug. 1. Financial terms were not revealed. The purchase fits with GameStop's plan to become a digital gaming retailer, as CEO Paul Raines outlined in an interview with TheStreet. "Kongregate advances GameStop's digital strategy by providing a gaming platform for casual, mobile and browser games that can be promoted and played by our existing gamers," Raines said in a statement. -- Reported by Jeanine Poggi in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.