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7Seas eyes buyout in mobile, online gaming space

7Seas eyes buyout in mobile, online gaming space

Author | Source: Business Standard | Friday, Jul 11,2008 8:10 AM

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7Seas eyes buyout in mobile, online gaming space

Hyderabad-based 7Seas Technologies Limited is planning to acquire a mobile and online gaming company for $1 million (approximately Rs 4 crore) to be funded through internal resources.

"We are currently evaluating a couple of companies, whose technologies could add value to our existing game development capabilities. We plan to close the buyout deal in the next calendar year," L Maruti Sanker, managing director of 7Seas Technologies, told mediapersons here on Wednesday.

The independent IP-based game developing company had acquired neodelight.com, a Germany-based gaming portal, along with its 33 IPs and game engine assets, in January 2008.

On Wednesday, it launched seven 3D mobile games globally across genres including puzzle, action, adventure and racing, developed at an investment of $1 million (Rs 4 crore).

Of these, three games – Great Elude (action), Planets of Sudoku (puzzle) and Derby (racing) – are multilingual and are available in English, French, Dutch, Italian, Spanish and German. It has tied up with city-based value-added services infrastructure provider IMIMobile for their distribution on a 50:50 revenue-sharing basis.

"We expect to garner around $3 million (Rs 12 crore) from the newly-launched 3D games in the first year. Our plan is to launch three more 3D mobile games across various genres, with a focus on celebrity-based games where the story would revolve around Bollywood actresses and actors, by March 2009," he said.

Sanker said the company was in the process of launching a gaming entertainment portal – Mobizill.com – which would offer over 1,000 mobile games. Half of these would be free downloads and the portal is expected to be launched in a month, he added.

7Seas Technologies registered revenues of Rs 7.67 crore in the last financial year. Its outlook for the current fiscal is Rs 20 crore.

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