South Korea’s leading game developer Netmarble Corp. has acquired Los Angeles-based game developer Kung Fu Factory through its U.S. subsidiary, the company said on Monday.
According to Netmarble U.S. Inc., Kung Fu Factory, founded in 2002 and best known for its popular mobile title “WWE: Champions,” will officially become its subsidiary. Details on the acquisition value have not been disclosed.
The two entities are working closely on the production of “NBA Ball Stars” based on intellectual property of National Basketball Association, with an aim for global release before March.
Shares of Netmarble closed Monday down 3.05 percent at 127,000 won ($115.04).
“Kung Fu Factory has been a tremendous partner in the production of NBA Ball Stars and has been incredibly in sync with our vision for our first publishing project,” Simon Sim, president of Netmarble U.S., said in a release. “We’re thrilled to have a developer with such an impressive portfolio of work become part of the Netmarble U.S. family and we look forward to building our relationship as we continue to expand our publishing capabilities in the West.”
Ricci Rukavina, founder and chief executive of Kung Fu Factory, also said, “we are eager to blow out the launch of NBA Ball Stars in a big way, and are looking forward to creating an amazing future with Netmarble U.S.”
Since 2012, Netmarble U.S. has serviced mobile games such as “Lineage 2: Revolution and The Seven Deadly Sins: Grand Cross” and has been engaged in efforts to seek acquisition opportunities.
Its parent Netmarble, meanwhile, reported earlier this month that its net profit nearly doubled to 338.5 billion won last year from a year ago. Operating profit also jumped 34.2 percent to 272 billion won on sales of 2.48 trillion won, up 14 percent during the same period.
Overseas sales – 1.79 trillion won –accounted for 72 percent of the total last year, up from 67 percent in 2019. The sales figure was up 23.3 percent, it said.
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