New Delhi: Gaming company Modern Times Group (MTG) has acquired Indian game developer PlaySimple for over $360 million, one of the largest deals in the Indian startup ecosystem.
According to a joint statement by the two companies, MTG would pay 77 per cent of the acquisition sum to PlaySimple in cash and the rest in stock.
Founded in 2014 by brothers Siddharth Jain and Siddhanth Jain, Preeti Reddy, and Suraj Nalin, PlaySimple's games have registered over 75 million installs.
"We're very proud of the games we've developed over the years, and of the infrastructure and scale that we've achieved with our team," the co-founders said in a joint statement late on Friday.
PlaySimple has over two million daily active users.
"We're very happy to welcome PlaySimple to our family of gaming companies. PlaySimple is a rapidly growing and highly profitable games studio that quickly has established itself as one of the leading global developers of free-to-play word games, an exciting new genre for MTG," said MTG's group president and CEO Maria Redin.
"An experienced management team and focused, the data-driven operating model has allowed PlaySimple to develop multiple game hits especially popular with the growing global audience of female gamers," Redin added.
Stockholm-headquartered MTG recently acquired Hutch and tower defence gaming studio and publisher Ninja Kiwi.