YOU ARE AT:AmericasQuepasa Corporation to acquire Brazil’s XtFt Games S/S Ltda

Quepasa Corporation to acquire Brazil’s XtFt Games S/S Ltda

Invest in Brazil | February 2, 2011

Quepasa Corporation Tuesday announced it is to acquire Brazil’s XtFt Games S/S Ltda. Quepasa Corporation is the creator and operator of Quepasa.com, the popular online social network for the Latino community.

The firm Tuesday said it has executed a definitive agreement to acquire XtFt Games S/S Ltda (XtFt), the owner of substantially all the assets of TechFront Desenvolvimento de Software S/S Ltda (TechFront), a social game development studio based in Curitiba, Brazil.

Quepasa will acquire XtFt for net consideration of approximately $4 million, comprised of $3.7 million in shares of Quepasa common stock (as determined by Quepasa’s average closing price over a 10-day period) and a $300,000 brokerage fee. XtFt’s key partners have also been offered option-based retention packages. The transaction will close upon the delivery of all outstanding items outlined in the agreement.

TechFront was founded 5 years ago as a developer of multiplatform console, Web and mobile games. TechFront began developing social games for the Orkut platform last year, in partnership with various international publishers, including U.S. based eGames.

Quepasa chief executive officer, John C. Abbott, said the addition of TechFront’s talented team provides Quepasa with the means to offer and monetize culturally relevant social games to its Quepasa.com member base and other audience networks, like Orkut and Facebook, and eventually to mobile users across Latin America.

….

Read full article here via Invest in Brazil

ABOUT AUTHOR