Krafton picked up 100 per cent of 5minlab’s shares through a $19.9 million earn-out payment. As Krafton aims to strengthen its game-related capabilities, the acquisition should support this goal.
Since its founding in 2013, 5minlab has developed and serviced a number of cross-platform games. Titles include the PvP action game Smash Legends, Como in Adventure, Toy Clash, Brickscape and more.
"Based on how 5minlab has taken on bold challenges and grown significantly since its founding in 2013, Krafton believes we share many of the same goals and aspirations when it comes to game development," said Krafton CEO Changhan Kim.
"Through this acquisition, Krafton secures an independent studio with outstanding developers who possess excellent technical skills. With our support, we only hope to embolden 5minlab’s ability to create exciting new titles."
5minlab CEO Moon-hyoung Park added: "In addition to being a representative Korean game company that has achieved global success, Krafton’s commitment to strengthening its technology and growing its game-development capabilities remains intact.
"We believe that 5minlab’s global operation experience and technology will help Krafton solidify its competitive edge. We look forward to seeing the incredible experiences we’ll create together."
Last week, Krafton reported that it witnessed record-high revenues of $1.57 billion for 2021, with the majority of its revenue generated by PUBG Mobile.