Hyderabad-based FXLabs has acquired 100 per cent of US-based Interactive Media Technology, a startup company that owns an online casual games portal, for $3 million (close to Rs 12 crore). | |
| The move is targeted at becoming the country's leading end-to-end solutions provider for the overseas gaming industry besides the emerging domestic market. |
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| Founded three years back, FXLabs currently owns a game development laboratory in Hyderabad with 150 employees working on various PC/console-based high-end game projects. The company is also planning a facility in Chennai. |
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| It has lined up three games, one of them based on the movie Dhoom 2, scheduled for launch in January, April and June next year. |
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| The US company owns and operates knibble.com, the online gaming portal which has over 10,500 casual games from various sources on the Internet. Besides the gaming portal, Interactive Media brings a host of technologies, including the game aggregator, into the FXLabs' fold. |
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| FXLabs chairman Sashi P Reddi, also the founder chairman and CEO of the $75-million software company, AppLabs, said knibble.com would provide the company access to the online gaming segment as well as the PC/consoles and the mobile gaming segments. |
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| Revenue generation from both FXLabs and knibble.com would begin next year. The company would approach venture capitalists to raise funds required for ramping up the operations, he added. |
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| According to the deal, Sashi Chimala, the founder and CEO of Interactive Media Technology, would receive about 17 per cent equity in FXLabs. |
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| He will be the third player to own a stake in FXLabs. The other two are Sashi Reddi and Suresh Productions, a leading movie production house based in Hyderabad. |
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