South East Asian online games company Asiasoft Online has bought a 70 per cent stake in Level Up! Games, the biggest online games publisher based in the Philippines.
The acquisition cost Asiasoft $2.94 million, and makes it the controlling stockholder in the company. According to a document filed with the stock exchange of Thailand, it was a strategic deal that will give Asiasoft a better platform for growth in the Philippines. According to a recent Thai stock exchange news report, Asiasoft is also interested to buy out the remaining 30% shares of Level Up! International Holdings.
The document showed that Level Up! earned $6.9 million in revenue in calendar 2013. However, it made a net loss of $306,000.
Asiasoft was founded in Thailand in 2001, and it is now the leading online games operator in South East Asia, with a presence in Vietnam, Indonesia, Singapore, Malaysia, Cambodia, Myanmar and the Philippines. It operates 61 games in total, some of which will be familiar to gamers in more established markets like Japan, Europe and North America – Phantasy Star Online 2, DC Universe Online and a number of Blizzard games, for example.
Hopefully this move will improve services and allow entry of more online games into the Philippines. Who knows, maybe Asiasoft might finally solve mobile gaming for the Philippines as well.
So Long, LU. It was fun while it lasted. ROK ON!
Disclaimer: I used to work for Level Up! as the Head of its Multimedia and Web Development Team before leaving in 2011.