Perfect World and Atari have entered into an agreement wherein the former will purchase Cryptic studios for 35 million Euros ($50 million), making good on Atari’s intentions to sell the developer. Purchased for $27 million in 2008, Cryptic has only recently shown signs of going into the black ink.
“We are very pleased to sign the agreement to acquire Cryptic Studios,” commented Michael Chi, Chairman and CEO of Perfect World. “This strategic acquisition will add attractive game titles to our portfolio, which will help us further penetrate into the U.S. and global online game markets. More importantly, Cryptic Studios’ highly reputable development team and its technology platform will further strengthen our well-established R&D capabilities. We deem this as another noteworthy achievement of our global expansion efforts.”
“With the acquisition by Perfect World, Cryptic has found a strong platform for continued expansion into free to play business model and growth in the global marketplace,” said Jim Wilson, CEO of Atari. “The divestiture of Cryptic is in line with Atari’s continued focus on key owned and third-party strategic franchises and expansion into emerging game platforms.”
