-- To pay USD 3 million in stock for 100% acquisition
-- Enters the global online casual gaming space
-- Emerges as a complete end-to-end global gaming
company
-- www.fxlabs.com to provide more than 10,000 casual games
-- First company to offer casual games in multi platform
-- Targets Indian and International gamers and developers
FXLabs Studios, India's leading developer of video games, has entered into
a definitive agreement to acquire IMT, Inc., a US-based company that owns
one of the world's largest online casual games portals, Knibble.com. FXLabs
will pay USD 3 million in stock to acquire 100% of IMT.
With over 10,000 online causal games which can be played for free, Knibble
is currently the largest casual game site. In addition, it has also emerged
as the best destination for game developers to showcase their talent,
wherein registered members can submit new games, add a description, suggest
a content rating and add tags.
Sashi Reddi, Founder and Chairman of FXLabs, stated, "With the acquisition
of Knibble we have expanded our capability from being a game developer to a
company that will be directly delivering world-class game play experience
to consumers globally. We are extremely optimistic about emerging markets
like India driving worldwide online game revenues, and we believe that this
is a terrific move for both FXLabs and Knibble."
"In addition to the international gaming community, Knibble's association
with the FXLabs brand will help us reach a much wider audience in India.
With a portfolio of 10,000 plus games over multiple platforms, we are an
attractive game destination for game enthusiasts worldwide," said Sashi
Chimala, Founder and CEO of IMT.
With this acquisition, FXLabs is making a strong entry into the world of
online casual games and it has already built in-house the expertise to
design and develop state-of-the-art casual games. The company recently
launched its revamped web site www.fxlabs.com, which now integrates the
free game play of Knibble with a new digital download platform for the PC
games that FXLabs is developing.
This acquisition makes FXLabs the leading online gaming company globally.
It also facilitates the company's expansion to reach international online
game players, who are also its target audience for games like "Archies" and
"Dhoom-2" that it is currently working on.
FXLabs has a state-of-the-art game development studio in Hyderabad. With
this acquisition FXLabs will expand its geographic presence to have an
online game development center in Chennai as well as a business development
office in San Francisco.
Knibble games will be available and can be played from the iPhone, Nintendo
Wii console and other traditional and non-traditional gaming platforms. Its
unique web crawling technology automatically finds casual games from the
internet and makes the games available for playing on the Portal. This
truly makes FXLabs a "pioneer" to foray into the exploding market for
online casual games.
About FXLabs
FXLabs Studios is the leading provider of game development and outsourcing
services in India. The company specializes in the creation of best-in-class
game products, as well as high-quality art and animation assets, and
client-focused outsourcing services. With well over two decades of
collective experience, the FXLabs management team has the knowledge and
skill to drive the company and ensure success. By combining the talent of
local artisans with the experience of games industry veterans, FXLabs has
the winning combination to deliver entertainment experiences which blur the
line between fantasy and reality. Headquartered in Hyderabad, India, FXLabs
has established itself as THE studio to watch in the growing entertainment
and video game industries.
It is currently producing a game based on the blockbuster Hindi movie "Dhoom
2" along with Yashraj Films. It is also producing the first game based on
Archie Comics, a sixty-five-year-old global brand, along with Archie
Entertainment.
Contact Information: For more information please contact: Sashi Reddi Founder & Chairman, FXLabs Studios Rahul Nag Adfactors PR Pvt. Ltd. Mobile : + 91 9833843602 Sashi Chimala Founder & CEO, IMT Inc. Sreedhar KV Adfactors PR Pvt. Ltd. Mobile : +91 98480 35385