Social Casino SpinX Acquired by the South Korean Game Developer Netmarble

Netmarble Corp, a South Korean game developer, has acquired SpinX Games for $2.19 billion. The social casino game company named SpinX Games is based out of Hong Kong. Monday saw the announcement of the acquisition of SpinX Games that was finalized through the holding company located in the Cayman Islands. Netmarble’s head, Lee Seung-Won, was quoted saying how the game company’s mainstay of role-playing has seen further diversification. This is in terms of the company portfolio that has added other casual gaming content. 

The regulatory filing reported how the move was strategized to strengthen the competitiveness of Netmarble’s global business. 

SpinX games started in Hong Kong in 2014, and the company has since operated casino content. The content also covers slots.

Apps including Cash Frenzy, Jackpot World, and Latcher Slot are among the company’s products. The company had a record turnover for the second quarter ending of the year. The revenues amounted to a total of 285.99 million dollars. 

The Hong Kong-based SpinX is currently serving more than eighty countries across the world. At the same time, the total number of games on offer is 7. The month of September will see the new deal materialize as expected, and it comes after Netmarble’s $868 million purchase of US-based game developer Kabam Inc. in 2017 and its purchase of a 25.1 percent stake in Coway in 2020.

Kabam’s Vancouver-based team is known for creating massively multiplayer, free-to-play games like “Marvel Contest of Champions,” which has become a worldwide phenomenon.

Google, Intel, Alibaba Group, MGM, Warner Bros., and Redpoint Ventures were among the private investors in Kabam.

Netmarble is likely to pay 80% of the acquisition price upfront, with the other 20% paid over four years in payments.