888 Acquires Social Media Poker Games for $18 Million888 Holdings Buys Social Media Games Development Studio From Real Dice Inc. |
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888 has paid $18 million for social game development studio Mytopia from Real Dice Inc.
Among the assets acquired in the deal are a social poker application using the company’s Pacific Poker brand and a real-time multiplayer mobile poker application for with over 1 million users on iPhone, Android, Windows Mobile, J2ME, and Blackberry platforms.
The applications and games will now be offered to 888’s business-to-business clients through Dragonfish, its B2B provider.
The deal consists of $12 million in cash with a further $6 million payable if certain “milestones” are met before December 31, 2011. The maximum cost to 888 will be $48 million.
Gigi Levy, chief executive officer of 888 said, "This is a very exciting deal for 888, and builds on our aim of providing a variety of entertainment destinations where people can enjoy a truly interactive experience on a multitude of platforms. Mytopia is one of the leading publishers of cross-platform social-games and this acquisition gives us an immediate footprint in the fast-growing social gaming arena, complementing our core offering and giving us access to millions of customers.
“Improvements in mobile technology now mean more people are comfortable using applications on the move, and we expect significant growth in this area. The acquisition extends 888’s reach and market share in the fast growing social networks and smart mobile devices, such as iPhone and Android powered handsets, and leaves us well positioned to take advantage of this growth.”
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