Cryptologic Stakes Claim in AsiaPublished December 16, 2007 by OCR Editor
Cryptologic who work in the online gaming market have made a $6.1 million investment in Mikoishi Studios.
Singapore based Mikoishi studios, an award winning game and software development company specialize in the design and development of online multiplayer games for the mobile phone and PC.
This comes as a strategic investment for Cryptologic who intend to try to capture the chance and casual market alongside Mikoishi. Casual games are easy to play and do not require a lot of time or skill attract a mass market through their simplicity.
For the Asian games developer it will be an opportunity to access a whole new mobile gaming market.
In partnership both companies have immediate capability to penetrate the cross-platform Asian markets.
Cryptologic expects its investment to increase earning per share as early as 2008, a seemingly good prospect according to the companys CEO.
Finding the right partners has been essential to CryptoLogics dramatic growth in Europe, and it will be key to CryptoLogics future growth in Asia, said Javaid Aziz, CryptoLogics President and CEO.
We began 2007 with a relationship that brought us China-specific games and we end the year with an even bigger partnership that will bring us both new games and new capabilities in the massive Asian mobile gaming market.
Mikoishi expects the partnership to increase its own market saturation by leveraging off of the IP of Cryptologic who already have strong partnerships with brands like Marvel and Playboy. It will help Mikoishis development geographically and help access new platforms, while for Cryptologic it will increase their penetration into Asian markets at a much greater rate.
Cryptologic will have representatives on the board at Mikoishi and will have a minor equity stake although they have options to increase ownership over time.
This is the second major investment Cryptologic has made within the Asian markets this year. They made hefty investments in 568 Network inc. a developer of online casual games.