Alibaba takes stake in gaming group Kabam

News Broadband China 1 AUG 2014
Alibaba takes stake in gaming group Kabam
Alibaba is taking a stake in US-based games developer Kabam. Alibaba will publish popular Kabam mobile games in China across Alibaba Group's mobile applications including Mobile Taobao and Laiwang. Kabam's games include Kingdoms of Camelot: Battle for the North, The Hobbit: Kingdoms of Middle-earth, Fast & Furious 6: The Game, and Dragons of Atlantis: Heirs of the Dragon. Kabam will receive an investment of USD 120 million from Alibaba Group, and the Chinese company will get a seat on Kabam's board. The strategic collaboration was announced at ChinaJoy, a digital entertainment expo and conference with 180,000 attendees and keynoted by Kabam's CEO Kevin Chou. Kabam closed 2013 with more than USD 360 million in revenues, a 100 percent increase over 2012. Alibaba Group joins existing investors that include Google Ventures, Warner Bros, MGM, Intel, Canaan Partners, Redpoint Ventures, Pinnacle Ventures and others.

Categories:

Internet

Companies:

Google,  Intel,  Taobao,  Warner Bros,  Alibaba,  Dragon

Countries:

China

Tags:

Games, Financial funding

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