December 17, 2007 00:01 ET

FXLabs Acquires World's Largest Online 'Casual' Gaming Portal

Targets a Leadership Position in the USD1.5 Billion Global Online Casual Game Market

LOS GATOS, CA and HYDERABAD, INDIA--(Marketwire - December 17, 2007) -

--  To pay USD 3 million in stock for 100% acquisition
--  Enters the global online casual gaming space
--  Emerges as a complete end-to-end global gaming
-- to provide more than 10,000 casual games
--  First company to offer casual games in multi platform
--  Targets Indian and International gamers and developers

FXLabs Studios, India's leading developer of video games, has entered into a definitive agreement to acquire IMT, Inc., a US-based company that owns one of the world's largest online casual games portals, FXLabs will pay USD 3 million in stock to acquire 100% of IMT.

With over 10,000 online causal games which can be played for free, Knibble is currently the largest casual game site. In addition, it has also emerged as the best destination for game developers to showcase their talent, wherein registered members can submit new games, add a description, suggest a content rating and add tags.

Sashi Reddi, Founder and Chairman of FXLabs, stated, "With the acquisition of Knibble we have expanded our capability from being a game developer to a company that will be directly delivering world-class game play experience to consumers globally. We are extremely optimistic about emerging markets like India driving worldwide online game revenues, and we believe that this is a terrific move for both FXLabs and Knibble."

"In addition to the international gaming community, Knibble's association with the FXLabs brand will help us reach a much wider audience in India. With a portfolio of 10,000 plus games over multiple platforms, we are an attractive game destination for game enthusiasts worldwide," said Sashi Chimala, Founder and CEO of IMT.

With this acquisition, FXLabs is making a strong entry into the world of online casual games and it has already built in-house the expertise to design and develop state-of-the-art casual games. The company recently launched its revamped web site, which now integrates the free game play of Knibble with a new digital download platform for the PC games that FXLabs is developing.

This acquisition makes FXLabs the leading online gaming company globally. It also facilitates the company's expansion to reach international online game players, who are also its target audience for games like "Archies" and "Dhoom-2" that it is currently working on.

FXLabs has a state-of-the-art game development studio in Hyderabad. With this acquisition FXLabs will expand its geographic presence to have an online game development center in Chennai as well as a business development office in San Francisco.

Knibble games will be available and can be played from the iPhone, Nintendo Wii console and other traditional and non-traditional gaming platforms. Its unique web crawling technology automatically finds casual games from the internet and makes the games available for playing on the Portal. This truly makes FXLabs a "pioneer" to foray into the exploding market for online casual games.

About FXLabs

FXLabs Studios is the leading provider of game development and outsourcing services in India. The company specializes in the creation of best-in-class game products, as well as high-quality art and animation assets, and client-focused outsourcing services. With well over two decades of collective experience, the FXLabs management team has the knowledge and skill to drive the company and ensure success. By combining the talent of local artisans with the experience of games industry veterans, FXLabs has the winning combination to deliver entertainment experiences which blur the line between fantasy and reality. Headquartered in Hyderabad, India, FXLabs has established itself as THE studio to watch in the growing entertainment and video game industries.

It is currently producing a game based on the blockbuster Hindi movie "Dhoom 2" along with Yashraj Films. It is also producing the first game based on Archie Comics, a sixty-five-year-old global brand, along with Archie Entertainment.

Contact Information

  • For more information please contact:

    Sashi Reddi
    Founder & Chairman, FXLabs Studios
    Email Contact

    Rahul Nag
    Adfactors PR Pvt. Ltd.
    Mobile : + 91 9833843602
    Email Contact

    Sashi Chimala
    Founder & CEO, IMT Inc.
    Email Contact

    Sreedhar KV
    Adfactors PR Pvt. Ltd.
    Mobile : +91 98480 35385
    Email Contact