Netmarble picks up social casino developer SpinX Games for $2.19 billion
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South Korean mobile developer Netmarble has acquired social casino studio SpinX Games for ₩2.5 trillion ($2.19 billion).
The deal will see Netmarble purchase 100 per cent of shares in SpinX Games, as the company continues to expand its offerings while now introducing a new genre to its catalogue.
Based in Sheung Wan, Hong Kong and set up in 2014, SpinX Games has produced several mobile titles, including Jackpot World, Cash Frenzy and Lotsa Slots.
SpinX Games generated ₩497 billion ($432 million) in sales throughout 2020 and is the third-largest mobile social casino games company in the world, according to the announcement.
"Global growth"
"The social casino genre shows continued global growth, and we are very excited to execute a share purchase agreement with SpinX Games, one of the leading companies in the genre," said Netmarble CEO Seungwon Lee.
"Through the acquisition, Netmarble will add the social casino genre alongside its existing main genre of RPG to further strengthen its lineup of casual games. With this diversified portfolio, we expect to fortify our competitive edge in the global mobile gaming market."
SpinX Games CEO Paul Zhang further added: "The mobile social casino business is a constantly evolving sector, and we plan to take the most advantage of this opportunity to strengthen global competitiveness for both companies as part of the extensive synergies with Netmarble."
Netmarble has been ramping up its expansion for some time now. The developer's next big launch takes place with Marvel Future Revolution, which is scheduled to launch later this month.
