GIGAMEDIA INVESTS IN KOREAN FIRMS

21 December 2007

Taiwanese online entertainment giant invests in Korean game developers


Taiwanese online gaming and entertainment company GigaMedia, which owns the Everest online poker enterprise and acquired turnkey provider Grand Virtual some time ago, has invested in two Korean online gaming companies: the first is in game development studio XLGames, and the second in independent game studio Neostorm.

XLGames was founded by Jake Song, the creator of multiplayer games such as “The Kingdom of the Winds” and “Lineage.”

Neostorm is one of the largest independent game developers in South Korea. The company was originally formed by the merger of four separate online games studios, creating a powerful full-range company with extensive technology, development and production capabilities. Neostorm focuses on the casual games market targeting the "medium-core" gamer and has a top-tier management and development team composed of experienced professionals with strong track records at leading game companies, including NCsoft Corporation, Nexon Corporation and NHN Corporation.

The partnerships strengthens GigaMedia's rapidly growing pan-Asian entertainment platform, a one-stop solution for game developers and entertainment providers addressing over 68 million registered users in the region's huge and lucrative market.

Pursuant to the terms of the strategic partnership with XLGames and Neostorm, GigaMedia has made investments in both companies and has obtained board representation and strategic rights.

"With unparalleled reach and an extensive network of strong strategic partners, GigaMedia brings to bear tremendous resources," Chief Executive Officer Chris Kim of Neostorm commented. "Together, we are positioned to capture enormous regional opportunities in online games."

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