FXLabs Studios, India's leading developer of video games, has entered into a definitive agreement to acquire U.S.-based IMT, Inc., owner of one of the world's largest online casual games portals, Knibble.com. FXLabs will pay US$3 million in stock to acquire 100% of IMT.
With over 10,000 online causal games that can be played for free, Knibble has emerged as the best destination for game developers to showcase their talent, allowing registered members to submit new games, add a description, suggest a content rating and add tags.
Sashi Reddi, Founder and Chairman of FXLabs, stated, "With the acquisition of Knibble we have expanded our capability from being a game developer to a company that will be directly delivering world-class gameplay experience to consumers globally. We are extremely optimistic about emerging markets like India driving worldwide online game revenues, and we believe that this is a terrific move for both FXLabs and Knibble."
With this acquisition, FXLabs is making a strong entry into the world of online casual games and it has already built in-house the expertise to design and develop state-of-the-art casual games. The company recently launched its revamped web site www.fxlabs.com, which now integrates the free gameplay of Knibble with a new digital download platform for the PC games that FXLabs is developing. The acquisition also expands FXLabs' geographic presence, adding an online game development center in Chennai and a business development office in San Francisco to its state-of-the-art game development studio in Hyderabad.
In addition to making FXLabs the leading online gaming company globally, it also facilitates its expansion to reach international online game players, who are its target audience for games like ARCHIES and DHOOM-2, on which it is currently working.
Knibble games will be available and can be played from the iPhone, Nintendo Wii console and other traditional and nontraditional gaming platforms. Its unique Web-crawling technology automatically finds casual games on the Internet and makes the games available for playing on the portal.
