Quepasa, The Facebook For Latinos, Buys Social Game Developer XtFT For $4 Million
Social networks and games go well together, for obvious reasons. Quepasa, the popular social network for the Latino community, emphasizes this once more with its acquisition of XtFt Games, owner of a Brazil-based social game development studio dubbed TechFront.
Founded in 2006 as a developer of multi-platform console, Web and mobile games, TechFront originally started developing social games for Orkut in 2010, in partnership with various international publishers, including U.S.-based eGames.
John Abbott, CEO of Quepasa, says the addition of the game studio’s 41 developers will provide the social networking company with the means to offer and monetize culturally relevant social games to not only its own community, but also other audience networks like Orkut and Facebook and eventually to mobile users across Latin America.
Quepasa will acquire XtFt Games for net consideration of approximately $4 million, comprised of $3.7 million in shares of Quepasa common stock and a $300,000 brokerage fee. XtFt’s key partners have also been offered option-based retention packages.
Quepasa says it now boasts more than 27 million registered users, and logged 184 million page views across its online network in December 2010.
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