China's Innovation Works exits Elex Technology via trade sale
Beijing-based incubator Innovation Works has sold its entire 3.49% stake in mobile games platform Elex Technology to Chinese Universe Publishing and Media for RMB70 million ($11 million).
According to a regulatory filing, the Shanghai-listed media group will spend a total of RMB2.66 billion to acquire Elex through a combination of cash and share swaps. The Innovation Works exit is all in cash.
The incubator committed RMB11.37 million to Elex in 2012, taking a 3.49% stake. The transaction is resulting in an exit multiple of more than 6x.
Founded in 2008, the Beijing-headquartered Elex serves as an online marketplace for different mobile games.
In 2010, it formed a strategic partnership with Tencent Holdings to establish a game cloud computing research platform called Xingcloud. It provides solutions for developers to solve language structure, localization, payment, server speed and other problems encountered when internationalizing products.
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