SingTel acquires 35.5% stake in TheMobileGamer for USD 1.5M
September 25, 2012 by Terence LEE
The shares were purchased from the founders of TMG via SingTel Idea Factory, a wholly-owned subsidiary of SingTel. It also has the option of purchasing more than 11.4M in Series B preferred shares at USD 0.087 each.
SingTel also said that Japanese telco SoftBank will also acquire shares in TMG with the same terms. By the time the transaction is complete, SingTel and SoftBank will each hold a 41% stake in the company.
The Singapore telco has been performing a wave of acquisitions lately. Last week, it purchased New York City-based mobile company Pixable for USD26.5M. That followed acquisitions of Eatability in Australia through Optus for USD 6.2M and HungryGoWhere for USD 9.4M (see Cheatsheet of SingTel acquisitions).
TMG was founded in 2008 by Alvin Yap. One of its products is KotaGames, a web-based mobile gaming service where users can play social games without any downloads or installations.
The company says that its games are played by 4 million users. Its titles can be found in social networks like mig33, a mobile community with over 50M users.
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About The Author
Terence LEE - Editor
Terence writes mainly about technology trends and startups in Asia. He believes in crafting smart content: Not just a regurgitation of text, but well thought-out pieces that serve the reader using a combination of data, design, narratives, analysis, and visual impact. His articles have been published on Venturebeat, Yahoo!, Straits Times, Today, and The Online Citizen. He also co-founded NewNation.sg, a satirical news site covering Singapore affairs. Engage him on LinkedIn and Twitter.Read other posts by Terence LEE