Gree, the largest mobile social network in Japan, has acquired the online gaming network OpenFeint for $104 million. OpenFeint is a privately owned and Intel Capital-backed technology platform for iOS and Android that is designed to add to social features to their games in their network. The network has more than 75 million users, 19,000 developers, and 5,000 games within its network. Through the OpenFeint framework, gamers can do things like add friends and chat with them, track the games friends are playing, and compete on leaderboards.
Gree is traded on the Tokyo Stock Exchange and has a market cap of approximately $3 billion. Combined, both companies will reach about 100 million international users. Gree is creating a wholly owned subsidiary, Gree International, which is acquiring the Burlingame, California-based start-up. OpenFeint’s team, led by CEO, Jason Citron, will remain in place. Gree will continue to expand internationally, shortly opening offices in Beijing, Singapore and London.
This is not the first maneuver Japanese mobile and social gaming companies have been making internationally in recent years. In 2010, Japanese mobile gaming giant, DeNa, acquired ngmoco for $300 million in cash and an additional $100 million in earn-outs.
[Source: Forbes]
