SoftBank-backed metaverse firm Improbable sells a key gaming venture for $97 million
Publishing timestamp: 2023-12-18 04:33:46
Summary
Improbable has sold its multiplayer games services company, Multiplayer Group (MPG), to Keywords Studios for $97.1 million. This sale is part of Improbable's "venture builder" strategy, where they invest in or acquire teams with the option to expand or spin them out. Improbable expects to see a shift towards decentralized metaverses in the future. Keywords Studios, a London-listed video game developer, has been on an acquisition spree and expects the acquisition of MPG to contribute to double-digit revenue growth in 2024. Improbable has faced struggles in recent years, but the sale of MPG does not indicate a retrenchment from the gaming space. Improbable is focusing on its primary product, the Morpheus technology platform, and aims to build a network of metaverses.
Sentiment: NEUTRAL
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Keywords: venture capital, breaking news: markets, london, technology, mergers and acquisitions, breaking news: technology, keywords studios plc, markets, business news, media, breaking news: business,
Source: https://www.cnbc.com/2023/12/18/metaverse-firm-improbable-sells-gaming-unit-for-97-million.html