Hyderabad, Dec 17 (UNI) FXLabs Studios, leading developer of video games, has signed an agreement to acquire Interactive Media Technology, Inc.,(IMT) a US-based company that owns one of the world's largest online casual games portals knibble.com, for USD 3 million in stock.
With over 10,000 online casual games which can be played for free, Knibble is currently the largest casual game site. In addition, it has also emerged as the best destination for game developers to showcase their talent, wherein registered members can submit new games, add a description, suggest a content rating and add tags.
FXLabs founder and Chairman Sashi Reddi said the company will enter the global online casual gaming space as a complete end-to-end global gaming company and target a leadership position in the USD 1.5 billion global online casual game market.
Stating that it is the 'first' company to offer casual games in multi-platform, he said the company, which has acquired 100 per cent of IMT, will target Indian and international gamers and developers.
''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 game play experience to consumers globally,'' he added.