TabTale is acquiring Level Bit, a Serbian studio that develops games for computers and mobile phones. The price of the acquisition was not published, but market sources believe that only a few million dollars were paid.
Founded in 2010, TabTale currently has over 200 employees, and is growing rapidly, based on the hundreds of applications that it has developed. According to IVC data, the company's 2013 revenue amounted to $15 million, compared with only $2 million in 2012.
The company, which is making a profit, has raised $13.5 million from venture capital funds Magma Venture Partners and Vintage Investment Partners and Qualcomm Ventures, Qualcomm's investment fund.
In 2014, TabTale acquired Chinese game company Cocoa Play. TabTale, headquartered in Tel Aviv, also has employees in the US, Macedonia, China, Ukraine, and Bulgaria.
Level Bit's employees, about 10 in number, will be integrated into TabTale. Tens of millions of copies of Genesis Rising, a game developed by Level Bit, have been sold throughout the world.
TabTale itself has done well. In 2014, the company became one of the world's 10 leading games developers in both Google's applications store and Apple's App Store. According to the company, its applications have been downloaded more than 500 million times, and more than 30 million people use the company's applications and games every month.
TabTale CEO Sagi Schliesser, who founded the company together with president Oren Kushnir and CTO Nir Berejano, said today, " We anticipate this acquisition of Level Bit, famed for its integrated high capabilities of rich content game development, will enhance TabTale's portfolio of wide audience games, an area that has been growing in the company under the Crazy Labs brand.
"Alongside this new direction, TabTale will continue to be a global leader in the field of children's game development, as we have done successfully to date."
Published by Globes [online], Israel business news - www.globes-online.com - on January 15, 2015
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