Aussie game developer plays into landmark acquisition

Aussie game developer plays into landmark acquisition

Listed mobile game developer Animoca Brands (ASX: AB1) has acquired US-based developer Pixowl for $6.65 million.

Pixowl is an independent mobile game company with a portfolio that includes games like The Sandbox, Peanuts: Snoopy's Town Tale, Garfield: Survival of the Fattest, and Goosebumps HorrorTown.

The deal saw Animoca put up $709,133 in cash with the rest of the consideration in shares.

It's a promising step for the Aussie developer, particularly considering Pixowl generated $2.46 million in revenue for the first half of 2018 and also has significant licensed properties under its control.

Pixowl's major game, The Sandbox, allows users to create their own worlds and ecosystems. The game has over 40 million downloads and over one million monthly active users.

Pixowl is currently developing a blockchain version of The Sandbox in partnership with Animoca Brands, HTC and Dapper Labs. In late 2018, Pixowl plans to launch a marketplace for user-generated non-fungible tokens where players will trade game assets and monetise time and effort they have invested playing.

Yat Siu, co-fouder and director of Animoca Brands says the acquisition will increase both companies' capabilities, especially in the blockchain realm.

"Our acquisition of Pixowl provides powerful strategic and operational synergies with Animoca Brands." Says Siu.

"Pixowl's experienced developers will significantly increase our development capabilities. It's founders are highly respected game industry veterans who have developed multimillion dollar franchises. We believe the blockchain version of The Sandbox has incredible potential. Pixowl shares our vision of blockchain gaming, NFT's and games as a platform."

Shares in Animoca Brands are down 3.53 per cent to $0.08 per share at 12.13pm AEST.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

Former AFL boss Gillon McLachlan to lead Tabcorp as new CEO

Former AFL boss Gillon McLachlan to lead Tabcorp as new CEO

After speculation was quashed that he would be joining Racing Victo...

Luxury fashion seller Azura hits profitability as AI plugs data gaps

Luxury fashion seller Azura hits profitability as AI plugs data gaps

An artificial intelligence (AI) overhaul has allowed Azura Fashion ...

“Not our desired outcome”: Telix withdraws from $300m Nasdaq IPO

“Not our desired outcome”: Telix withdraws from $300m Nasdaq IPO

Telix Pharmaceuticals (ASX: TLX), one of the nation’s largest...

CommBank joins new ‘intelligence loop’ to combat SMS phishing scams

CommBank joins new ‘intelligence loop’ to combat SMS phishing scams

In an effort to reduce the number of SMS phishing scam victims...