Netmarble, the largest mobile games company located in South Korea, has confirmed and agreed to acquire several if not more than half of the rival company, Kabam, located in the United States, assets as it pushes and steps up to go in the western market.
The company's acquisition has included the Vancouver studio, which is responsible for the creation of Kabam's most successful game, entitled, "Marvel: Contest of Champions". The game has brought in several hundred millions of dollar, more or less $450 million, in revenue from the whole world, from its initial launch a couple of years ago, giving the major part of sales to Kabam from that.
In the perspective on the financial side of the deal, some agreements were not revealed, the Wall Street Journal (WSJ) indicated that Kabam has previously got offers and propositions for the Vancouver studio in the early party of the current year averaging from $700 million to $800 million. The Netmarble - Kabam deal is along those numbers, according to a source from the Wall Street Journal.
The company is strategizing an initial public offering worth estimated at $1.7 billion in the first half of 2017 as it plans to increase support for its active push in the mobile gaming industry market. "We are looking forward to strengthening Netmarble's business in the western markets, including the US, through this deal," according to the Chief Global Officer of Netmarble, Seungwon Lee.
Along with the acquired company's name, Kabam, Netmarble, in addition, is also procuring customer support and marketing teams and is absorbing around 250 staff members of the company, almost half of the total number of Kabam's employees. Sensor Tower, a consultancy firm, ranked Netmarble as the top 13 largest mobile gaming company in the 3rd quarter of the year, with the revenue of $183 million, while Kabam as the 32nd with $60 million.
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