The Spanish mobile developer has been acquired to expand Take-Two's portfolio
Spanish mobile app developer Social Point has ben aquired by Take-Two Interactive for $250 million.
The industry giant, which is the parent company of Rockstar Games, will pay $175 million up front and take the remaineder in company stock with 1.48 million registered shares.
The deal sees a lot more than just a mobile developer under Take-Two's wing. Part of their strategic rational for the aquisition is the management experience of producing free-to-play mobile games specifically and Social Point's data analytics platform along with its team.
Founded in 2008 in Barcelona, Social Point have created two succesful mobile games in Dragon City and Monster Legends which have had over 180 million downloads. According to Take-Two's press release on the aquisition, the company has at least two games in the App Store's top grossing 100 games every year since 2014.
Horacia Martos and Andres Bou, founders of Social Point said, "we are thrilled to have Social Point become part of an organization that shares our commitment to quality and innovation, and we look forward to being part of Take-Two’s continued success for many years to come.” The two are to remain with the company and are eligible to receieve an aggregate of $25.9 million in cash and stocks, target depending.
“With the acquisition of Social Point, Take-Two has further diversified its business, expanded its portfolio of owned intellectual property, and significantly enhanced its position in the fast-growing free-to-play mobile gaming space,” said Strauss Zelnick, Take-Two Interactive CEO. "Social Point is one of the few mobile game developers that has a proven track record of growing revenues and delivering multiple hits, and we expect this growth to continue given the company’s exciting development pipeline."