One budding South Korean game business buys another
Expanding South Korean game business Nexon has purchased a controlling stake in MMO studio NDoors.
The financial terms of the buyout were not disclosed, though last year NDoors took in £24 million in revenue and generated £9 million profit – healthy numbers that would suggest the price of Nexon’s controlling stake, of 67 per cent, was handsome.
City speculation put the acquisition at about £100 million.
Now twelve yeas in operation, NDoors has flourished as an online-based game studio, building its business on popular MMOs Atlantica and GoonZu. It took honours at the Korea Games Awards in 2008, and is said that over 70 per cent of its revenues come from overseas sales.
Nexon CEO Su-Min said the buyout would be key to the company’s global expansion plans.
Su-Min added: “Nexon has been carrying out ongoing investment in the companies with outstanding development efforts”.