Cisco, Macromedia acquire stake in Indiagames

By : |April 30, 2005 0

MUMBAI: Indiagames Ltd has announced that Cisco Systems Inc. and Macromedia Inc. will acquire strategic share interests in Indiagames Ltd. Indiagames is a global publisher of mobile games majority owned by TOM Online Inc., a Chinese wireless Internet company. According to the press release, this move enhances the India-based mobile game publisher’s position for global growth.

Cisco and Macromedia will pay a total of $ four million for a combined stake of 18.2 percent in Indiagames through subscription of new shares. In view of Cisco and Macromedia’s investments, TOM Online, which owns 76.3 percent of Indiagames, will not subscribe for new shares worth $ four million in the company as stated in its announcement on December 17, 2004.

Following Cisco and Macromedia’s investments, TOM Online’s share in Indiagames will be diluted to 62.42 percent while Indiagames’ original shareholders and management, including its founder Vishal Gondal, will continue to hold a 19.4 percent stake in the company.

The directors of Indiagames envision synergy coming from better visibility to future technology developments related to Internet and wireless applications, the investors’ existing client network and relationships globally, and their marketing expertise and resources. Indiagames will also publish and support all its content on the Macromedia Flash Lite platform, which is already having a big share in Japan and is expanding worldwide.

"I am delighted to have Cisco and Macromedia as investors in Indiagames," said Gondal. "We now have Chinese, Indian and American investors, all leaders in their respective verticals. This combination is really very unique and will surely help accelerate our global growth plans, keeping us on the cutting edge of mobile, broadband and Internet technology," he added.

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