|Dublin-based online casino games developer CryptoLogic has acquired a substantial stake in Mikoishi Studios, an Asian game development and design company with strong capabilities in the mobile gaming market.|
The deal is thought to be worth $6.1 million and will create a Singapore-based strategic partnership that will accelerate the pace of CryptoLogic's penetration of the Asia-Pacific marketplace.
CryptoLogic stated that it expects revenue from the transaction to be accretive to its earnings next year as Mikoishi both develops games and allows access to a technology platform where games can be ported to wireless devices.
'Finding the right partners has been essential to CryptoLogic's dramatic growth in Europe and it will be key to CryptoLogic's future growth in Asia,' said Javaid Aziz, President and Chief Executive Officer for CryptoLogic.
'We began 2007 with a relationship that brought us China-specific games and we end the year with an even bigger partnership that will bring us both new games and new capabilities in the massive Asian mobile gaming market.'
CryptoLogic stated that many Asian consumers rely largely or exclusively on wireless communications so this deal would see new opportunities presented for it to penetrate a large and thriving segment of the online gaming market.
CryptoLogic also stated that the deal would initially see it take only a minority equity stake in Mikoishi but that it has options of increasing its ownership over time.