Los Angeles
– Online casino operator 888 Holdings announced on Monday that it has acquired
Mytopia, a social games development studio, from Real Dice Inc.
The base price
paid was $18 million in cash, with the terms calling for a maximum payout of
$48 million, based on net profits in 2011.
Founded in 2006, Mytopia has
received funding from SK Telecom Ventures Innovation Fund, and Benhamou Global
Ventures.
Gibraltar-based 888 operates online casino sites including 888.com,
Casino-on-Net and Pacific Poker.
"Mytopia is one of the leading publishers
of cross-platform social-games and this acquisition gives us an immediate
footprint in the fast-growing social gaming arena, complementing our core
offering and giving us access to millions of customers," said 888 CEO Gigi
Levy.
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