FXLabs signs agreement to aquire IMT
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.
UNI