South Korean mobile game developer Netmarble announced that it has acquired Hong Kong-based social casino game maker SpinX Games.
According to the deal, Tencent-backed Netmarble will buy 100% shares in SpinX Games for $2.19 billion (₩2.5 trillion).
“The social casino genre shows continued global growth, and we are very excited to execute a share purchase agreement with SpinX Games, one of the leading companies in the genre,” said Netmarble CEO Seungwon Lee.
“Through the acquisition, Netmarble will add the social casino genre alongside its existing main genre of RPG to further strengthen its lineup of casual games. With this diversified portfolio, we expect to fortify our competitive edge in the global mobile gaming market,” Lee said.
Founded in 2014, SpinX has developed many successful social casino games so far, including Cash Frenzy, Lotsa Slots and Jackpot World.
According to the announcement, the Hong Kong-based developer has generated $432 million (₩497 billion) in 2020 and $286 million (₩328.9 billion) in the first half of 2021, with a 46% Y/Y increase.
It is currently the third largest social casino game maker in the world, the companies said in the statement.
“We are very excited to be joining the Netmarble family, one of the fastest-growing mobile game companies in the world,” said SpinX Games CEO Paul Zhang. “The mobile Social Casino business is a constantly evolving sector, and we plan to take the most advantage of this opportunity to strengthen global competitiveness for both companies as part of the extensive synergies with Netmarble.”