By PlaySimple










Modern Times Group (MTG) has paid over $360 million for Indian game maker PlaySimple, making it one of the largest purchases in the Indian startup industry.

MTG would pay PlaySimple 77 percent of the transaction price in cash and the remainder in stock, according to a joint announcement from the two firms.

PlaySimple's games have over 75 million installs since it was founded in 2014 by brothers Siddharth and Siddhanth Jain, Preeti Reddy, and Suraj Nalin.

"We're extremely pleased with the games we've created over the years, as well as the infrastructure and size that our team has accomplished," the co-founders said in a joint statement late Friday.

Over two million people use PlaySimple every day.

"We're thrilled to have PlaySimple as part of our gaming family. MTG's group president and CEO Maria Redin remarked, "PlaySimple is a rapidly developing and highly lucrative games studio that has quickly established itself as one of the leading global makers of free-to-play word games, an exciting new genre for MTG."

"An experienced management team and a targeted, data-driven operational methodology have enabled PlaySimple to generate many game hits, particularly popular among the rising worldwide audience of female gamers," Redin noted.

MTG, based in Stockholm, has acquired Hutch and Ninja Kiwi, a tower defense gaming company and publisher.

(Source: Times Now)