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UTV Acquires Majority Stake In True Games
by Eric Caoili
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August 18, 2008
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UTV Interactive, the gaming arm of Indian entertainment group UTV Software Communications, has entered an agreement to acquire an 80 percent stake in online game publisher True Games Interactive.
The Mumbai-headquartered company previously announced in December 2006 that it had purchased mobile games developer Indiagames and UK-based console games developer Ignition Entertainment (Mercury Meltdown series). The latter recently announced two new executive placements as part of further plans to expand its U.S. operations following the opening of two new development studios in Tokyo and Florida .
Founded in January 2008 by former execs of MMO service provider K2 Network, True Games focuses on free-to-play, microtransactions-driven business models for independent developers and publishers. The studio announced a partnership in April with developer Petroglyph (Universe At War, Star Wars: Empire At War) to release a free-to-play, microtransaction-funded PC online game. True Games intends to launch its first title in Q3 2008.
Said UTV Interactive CEO Preneet Malhotra: "Online gaming is the platform of the future once broadband penetration reaches across world markets. While this phenomenon is led by Asia, it has started gaining traction in the west as well. The True Games acquisition gives UTV not only presence in the international online gaming space, both in content creation and publishing but is also a major step towards achieving UTV's 360 degree gaming vision."
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