Global mobile game leader Netmarble Corp. is set to expand its horizons with a share purchase agreement, leading to the acquisition of the mobile social casino pioneer SpinX Games.
The agreement lays down the details for the acquisition of the fast-growing mobile social casino game developer SpinX, which will sell 100% of its shares to Netmarble, with the shares priced at a total of $2.19 billion or about 2.5 trillion Korean won (₩). The recent expansion by the Korean gaming giant diversifies its mobile gaming portfolio by adding a new game genre among its already extensive roster.
About SpinX Games
Originally established in 2014, SpinX Games is a social casino game company based in Hong Kong. With a number of hit titles in its roster, SpinX immediately established itself with games such as Cash Frenzy, Lotsa Slots, Jackpot World, and more. In the second quarter of 2021 alone, the company ranked third in global sales for the entire mobile social casino gaming market.
Furthermore, SpinX Games demonstrated the most accelerated growth among the top 10 companies in the Social Casino game industry in the recent years, posting an impressive $432 million (about ₩497 billion) in sales in 2020. For Q1 2021, SpinX posted a revenue of $141 million (about ₩162.2 billion), for a total of $286 million (₩328.9 billion) for the first half of 2021, which equates to a 46 percent year on year growth.
The social casino gaming genre is a casual gaming genre that's popular around the world, together with Match 3 puzzles.
"The Social Casino genre shows continued global growth, and we are very excited to execute a share purchase agreement with SpinX Games, one of the leading companies in the genre," says Netmarble CEO Seungwon Lee. He explains that through the new share purchase agreement, Netmarble will now have its foray into the social casino genre in addition to its diverse mobile gaming portfolio that primarily focused on role playing games (RPG).
"With this diversified portfolio, we expect to fortify our competitive edge in the global mobile gaming market," Lee adds.
Meanwhile, SpinX Games CEO Paul Zhang expressed excitement in joining the Netmarble family, which he described as being one of the "fastest-growing mobile game companies in the world." Noting that the mobile social casino genre is a segment of the gaming market that continues to evolve, Zhang said that SpinX plans to "take the most advantage of this opportunity to strengthen global competitiveness for both companies as part of the extensive synergies with Netmarble."
About Netmarble Corporation
Netmarble Corporation, originally established in Korea in 2000, is a global leader in developing and publishing titles that continue to push the boundaries of gaming experience. It is the company behind groundbreaking mobile game titles like Lineage 2: Revolution, Blade & Soul Revolution, The Seven Deadly Sins: Grand Cross, and MARVEL Future Fight.
The Korean gaming and entertainment conglomerate is also the parent company of game development firm Kabam, as well as a major shareholder in game development company Jam City and entertainment giant HYBE, formerly known as Big Hit Entertainment, home to K-pop giants such as BTS, TXT, Seventeen, and more.
Published on Tech Times.
Written by Mark B.