|Gaming software developer CryptoLogic Limited has continued its expansion into Asia with the purchase a substantial minority stake in South Korea's Mobilebus Incorporated, one of Asia's fastest-growing mobile and PC game developers and publishers.|
Dublin-based CryptoLogic stated that the agreement would see it represented on the board at Mobilebus along with the option of increasing its ownership to a majority position in the future.
The deal will see the two firms create new games and develop and acquire new casual game portals for South Korea, one of the world's most sophisticated gaming markets. The nation boasts the world's highest levels of Internet and mobile phone penetration and is considered by many as the trendsetter for gaming in Asia with many Chinese and North American publishers sourcing content and technology from Korea-based firms.
'Today marks another key milestone in CryptoLogic's global diversification and expansion and another key step into the lucrative Asian market,' said Brian Hadfield, President and Chief Executive Officer of r CryptoLogic.
“Asia is critical to CryptoLogic's 'follow the sun' approach to business; it's about having development going around the clock, around the world. As an experienced game developer in a gaming-friendly market, Mobilebus will help bring players a uniquely Korean entertainment experience.'
CryptoLogic stated that the new portals will offer traditional Korean card and arcade games as well as a suite of subscription-based poker games including high-low and Texas Hold'em featuring avatars and cyber-cash systems, a popular means of payment on Asian sites, with additional revenues generated from in-game advertising and sponsorship.
'CryptoLogic's track record of integrity, innovation and performance will help Mobilebus take its business to new heights and open up new avenues for growth,' said John Lee, Chief Executive Officer for Mobilebus.
'Together, our companies are poised to make an impact in this highly profitable market.'