UTV Software Acquires US-Based Online Gaming Startup True Games

UTV Software Communications, the media and entertainment company, has picked up an 80 per cent stake in California-based gaming company True Games Interactive. The acquisition has been done through its UK-based subsidiary IG Intercative Entertainment, said the company informing the BSE today. True Games is a multi-player online game publisher involved in developing, licensing, aggregating, publishing and distributing of online games.

True Games is working with publishers to license existing online titles and developers to create games for online play. It has tied up with game developer Petroglyph to develop an upcoming free-to-play micro-transaction based online game. The company was founded in January this year and plans to release its first title in the beginning of 2009.

UTV had late last month announced its plans to invest a total of $75 million into the gaming business. UTV had earlier said that it plans to acquire a US-based startup catering to the online gaming segment. It had also said that it will acquire a 51 per cent stake in a US-based top tier mobile content aggregator through it’s subsidiary, Indiagames Ltd. UTV had acquired 55 per cent stake in Indiagames for $9 million in 2006, which could go upto 70 per cent.

UTV also plans to increase its stake in Ignition from 70 per cent to 95 per cent for $8 million. It had acquired 70 percent stake in 2006 for $13.3 million in the UK based gaming company. UTV also plans to pump $37 million into the working capital of Ignition for its three high-end console games being developed at its facilities in London, Florida and Tokyo, to be released in the next couple of years.

This story was provided by our content partner VCCircle

loading

Comments have been disabled for this post