VC-backed gaming developers merge
Chinese gaming developer UltiZen Games - which has received funding from Jafco Asia, Hotung Investment Holdings Ltd. and Tokio Marine Investment Services – has acquired Japanese developer Red Entertainment for an undisclosed price.
Red Entertainment, launched 27 years ago, is recognized for its gaming titles including the Sakura Wars and Tengai Makyou series and Scared Rider Xechs. Following the acquisition, it will continue to create its own gaming products as well as aid UltiZen in co-developing new online and smart phone games. Five titles have already been planned for 2011. "The exceptional quality of the team at Red and the game development expertise of our UltiZen teams will allow us to create the best game titles in the entertainment industry. This alliance is a true first for China's game industry," UltiZen's CEO Haiwen Lan said in a release.
In August, UltiZen raised $8 million in its third institutional round of funding from Jafco, Hotung and Tokio Marine, with Jafco leading the round. Each were new investors. Red Entertainment, meanwhile, also counts Jafco as a backer, as well as SBI Investment Co. and Daiwa SMBC Capital Co.
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