On February the 1st, Take Two Interactive Software (NASDAQ: TTWO) announced the acquisition of a privately held mobile game developer. The company will acquire Social Point S.L. for $250 million. The arrangement comprises of $175 million in cash, as well as 1,480,168 unregistered shares of Take-Two’s common stock. The cash portion of the proceeds were distributed directly from Take-Two’s cash on hand. Social Point was founded in 2008. The company is headquartered in Barcelona, Spain.
Social Point is best known for their free-to-play mobile video games. At this point in time, the company is comprised of more than 270 employees. They have a handful of notable titles on the market. The company is responsible for Monster Legends and Dragon City. The games have been downloaded more than 180 million times across iOS and Android devices. Both have scored in the top 100 grossing mobile games in the United States since 2014.
Also, Social Point has several games in the pipeline with numerous exciting titles planned to be released over the new two years. The developer’s games are currently available in EMEA, Latin America, and North America. Nearly half of the company’s revenue comes directly from the United States. In 2016, more than 90% of Social Point’s revenue was generated directly from mobile platforms. Those interested in learning more about Take-Two’s acquisition of Social Point are encouraged to visit the company’s official press release here.