Mad Catz Interactive announced that it has acquired the assets of V Max Simulation Corporation, a California-based flight sim software developer and equipment maker, in a $638,000 deal.
V Max specializes in designing, constructing, integrating, and operating flight sim equipment, along with creating flight sim software. Its previous commercial releases include Luftwaffe Commander, Sabre Ace, and Ultra Fighters.
The accessory company will pay $378,000 in cash at closing, $170,000 of which will be spent on finishing four fighter jet simulations intended to generate revenue on a pay-to-use basis at Southern California-based flight sim center Fightertown.
MadCatz will also provide $260,000 in common stock, and pay a commission of 5 percent of its profits during its fiscal 2012 to 2016 years from a slice of its fighter flight sim business to V Max's president and founder David Kinney, previously a biomedical engineer and former Marine Corps oficer.
Kinney will join Mad Catz as vice president of its Flight Simulation division. He will head the company's Saitek flight sim hardware business for the PC gaming market, and oversee the development of PC sims and the creation of an online fighter pilot flight community for enthusiasts.
"With this acquisition, Mad Catz strengthens and diversifies its Saitek simulation brand and offerings," says Mad Catz president and CEO Darren Richardson.
Richardson adds, "Saitek is known for its realistic, high-end simulation products ,and the hiring of David Kinney to develop software and a dedicated community to complement our hardware is the natural next step in our strategy to further leverage the know-how and potential of this brand."