Mumbai, Dec 20: FXLabs Studios, leading developer of video games, has entered into a definitive agreement to acquire Interactive Media Technology, Inc (IMT), a US based company that owns online casual games portal, knibble.com. FXLabs will pay USD 3 million in stock to acquire 100 per cent of IMT.
Speaking to reporters, FXLabs Founder and Chairman Sashi Reddi said, ''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. 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.''
''In addition to the international gaming community, Knibble's association with the FXLabs brand will help us reach a much wider audience in India. With a portfolio of 10,000 plus games over multiple platforms, we are an attractive game destination for game enthusiasts world-wide,'' said Sashi Chimala, Founder and CEO of IMT.