Singapore Internet venture accelerator Fatfish Internet Group Limited has acquired a 70 percent stake in Malaysia mobile game studio Appxplore, developer of games like Mobfish Hunter and Caveboy Escape. This follows its recent IPO on the Australian Stock Exchange, where it raised $3.22 million.
The Appxplore acquisition is to be completed by Fatfish's 70-percent-owned subsidiary, High Joyful International Limited, for an undisclosed sum in cash.
Fatfish Internet Group CEO Kin-Wai Lau promised in a press release that mobile games developed by Appxplore will be downloaded "by more than 5 million smartphone users by the end of this year." Lau also said that with the resources and support Fatfish intends to put into Appxplore, it expects the downloads to double over the next 12 months.
Appxplore co-founder and producer Desmond Lee thinks achieving the numbers Fatfish expects is possible, but adds that "download numbers don't mean anything if the retention is poor."
With the resources, we will focus on building better and larger-scale games which we hope can make players stay longer.
Lee also added that Appxplore would be expanding to take on bigger games, and following the acquisition, is building a team in Indonesia to work on more casual games. However, he assured us that Appxplore will still focus on quality rather than quantity.
At the moment, Appxplore is working on a major update for Mobfish Hunter. It also has a new game that's still in the prototype stage.