Indiagames sells 51% for over $14mnPosted: December 8, 2006
UTV Software communications ltd made a huge purchase – 51% stake in Indiagames, a mobile gaming company and also a 70% stake in UK’s Ignition entertainment, an online gaming company. More details on Indiagames financial past on Contentsutra.
Writing and exporting games from India still seems to be a very serious proposition.
What does the UTV acquisition mean?
It’s a large deal. What we are trying to do is to create a large gaming entity out of India. The acquisition of Ignition brings in the console gaming capability. We bring in the online and mobile gaming capability. It’s also a sign that how serious gaming business is becoming. UTV is launching a channel for youth, and from that perspective their investment in Indiagames is very strategic. UTV is also very strong in bollywood space, and they are going to help us a lot on creating great content. They understand the broadcast technology and the youth market. So there is a lot of synergy.
UTV also has a very large animation business. Adding Indiagames and Ignition to this portfolio, it gives a complete picture of growing a very large company in gaming. And UTV is known for delivering shareholder value.