Monday 24th December 2007 GigaMedia Invests In Korean Firms
Taiwanese online gaming and entertainment company GigaMedia has invested in two Korean online gaming companies, games development studio XLGames and independent games studio Neostorm.
Jake Song, the creator of multiplayer games such as The Kingdom Of The Winds and Lineage, founded XLGames while Neostorm is one of the largest independent game developers in South Korea. Neostorm was formed from the merger of four online games studios to create a powerful full-range company with extensive technology, development and production capabilities. It currently focuses on the casual games market and has an experienced management and development team composed of professionals with strong track records at leading game companies including NCsoft, Nexon and NHN.
GigaMedia owns the Everest online poker enterprise along with turnkey provider Grand Virtual and stated that the partnerships would strengthen its growing pan-Asian entertainment platform, a one-stop solution for game developers and entertainment providers addressing over 68 million registered users.
Pursuant to the terms of the investment, GigaMedia is to receive board representation and strategic rights for both companies.
'With unparalleled reach and an extensive network of strong strategic partners, GigaMedia brings to bear tremendous resources,' said Chris Kim, Chief Executive Officer for Neostorm.
“Together, we are positioned to capture enormous regional opportunities in online games.'
Source: OnlineCasinoNews
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