Cdn$ 1.7 million paid for Toronto studio
Vast Studios, a Toronto-based casual games developer of desktop and mobile products, has been acquired by social gaming software and platform provider Isis Labs for Cdn$ 1.7 million.
Isis chairman Daniel Kajouie said that over the years Vast has demonstrated a high capability which will be an asset in an industry increasingly approaching the intersection of social gaming and real-money games.
"With mobile gaming expanding more rapidly than ever, the acquisition of Vast will fuel our ability to expand development into this growing sector and provide proprietary games to our customers," he said, adding that the new acquisition will be a valuable contributor to Isia Labs' Isis Friends real-money social network.
Kajouie revealed that Vast's three founders, Hamed Abbasi, Jon Caculovic and Serguei Kloubkov, will continue in their roles as president, chief operating officer and chief technology officer respectively, but said he will take on the responsibilities of chief executive officer.
Vast's board of directors will be replaced by Neil Said, himself and Tito Gandhi, he said.
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