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Wargaming Acquires Gas Powered Games

[Feb 14, 2013, 12:58 pm ET] - Share - Viewing Comments

Wargaming announces it has stepped in to rescue troubled developer Gas Powered Games from the brink of closure following the cancellation of the Kickstarter for Wildman, GPG's Hail Mary action/RPG/RTS:

14th February, 2013 - Wargaming, the leading free-to-play MMO developer and publisher, today announced its agreement to acquire Seattle-based developer Gas Powered Games, the maker of memorable and critically acclaimed franchises such as Dungeon Siege, Supreme Commander and Demigod.

Wargaming will take full ownership of Gas Powered Games, bringing into its fold a contingent of veteran developers, including CEO and company founder Chris Taylor. The acquisition will further bolster Wargaming's push into multiplatform expansion, including the recent acquisition announcement of Chicago-based Day 1 Studios and MMO middleware provider Big World Pty Ltd.

"Gas Powered Games' heritage and development pedigree shows us just how valuable an addition Chris and his company will make to the Wargaming family," said Victor Kislyi, CEO of Wargaming. "Gas Powered Games has a long track record of providing incredibly engaging AAA gaming experiences and we can't wait to start working with them."

"Wargaming growth in recent years has been tremendous, and we're looking forward to joining one of the fastest growing gaming companies in the world," added Chris Taylor, CEO of Gas Powered Games. "I'm sure our experience and expertise will help us contribute even more to Wargaming's global success."

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25.

Re: Wargaming Acquires Gas Powered Games

Feb 14, 2013, 14:50

Annex

RollinThundr wrote on Feb 14, 2013, 14:48: Yakubs wrote on Feb 14, 2013, 14:40: RollinThundr wrote on Feb 14, 2013, 13:41: Again how are they getting all this revenue to buy up devs? Aside from World of Tanks and World of Warplanes I have never heard of any of the titles they've published. You're making the assumption that GPG is actually worth something. Remember, this is a company that was desperate for some kind of cash infusion as recently as last week. As it stands, the only value GPG has is its IP which is offset by its payroll liabilities. Meanwhile, Wargaming is probably fairly cash rich on an ongoing basis and running at a fairly high margin considering their revenue comes from a F2P title. Ongoing high margin revenue means the ability to easily add staff. Wargaming probably bought GPG for a pittance and simply agreed to employ them (or at least some of them) and support some sort of future project. We're not talking a multi-million-dollar buyout here. I get that, but GPG isn't their only recent pickup. I guess F2P games are making more money than one would think. 10+ million per month is what theyre making.

Subject

Comment [quote="Annex"Feb 14, 2013, 14:50][quote="RollinThundr"Feb 14, 2013, 14:48][quote="Yakubs"Feb 14, 2013, 14:40][quote="RollinThundr"Feb 14, 2013, 13:41] Again how are they getting all this revenue to buy up devs? Aside from World of Tanks and World of Warplanes I have never heard of any of the titles they've published. [/quote] You're making the assumption that GPG is actually worth something. Remember, this is a company that was desperate for some kind of cash infusion as recently as last week. As it stands, the only value GPG has is its IP which is offset by its payroll liabilities. Meanwhile, Wargaming is probably fairly cash rich on an ongoing basis and running at a fairly high margin considering their revenue comes from a F2P title. Ongoing high margin revenue means the ability to easily add staff. Wargaming probably bought GPG for a pittance and simply agreed to employ them (or at least some of them) and support some sort of future project. We're not talking a multi-million-dollar buyout here. [/quote] I get that, but GPG isn't their only recent pickup. I guess F2P games are making more money than one would think. [/quote] 10+ million per month is what theyre making. [/quote]

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