SGN acquired by MySpace co-founder Chris DeWolfe's MindJolt Games

Firm also acquire social portal Hallpass Media

Date Type Companies involved Size
April 19th, 2011 acquisition Jam City
Not disclosed
SGN acquired by MySpace co-founder Chris DeWolfe's MindJolt Games
Social gaming publisher SGN has been acquired by MindJolt Games as part of a double swoop by the casual gaming specialist.

The firm, whose mobile roster includes the likes of Skies of Glory and F.A.S.T, has been purchased for an undisclosed fee by the company set up by co-founder of MySpace, Chris DeWolfe.

One-stop shop

The other firm wrapped up in MindJolt's shopping spree is Hellpass Media, which runs a free online gaming web network.

Combined, the two purchases are being billed as an attempt by MindJolt to serve up an expansive publishing model for mobile and web-based social portals.

"The deals diversify us in a huge way," DeWolfe told the New York Times.

"It positions us very well for the future, in terms of the growth of the smartphone market."

MindJolt, which is reported to boast more than 20 million monthly active users and more than $20 million in revenue, will take control of a company that enjoyed early success on iOS and Android, and was early to the freemium model, but failed to maintain its momentum in 2010. 

Total SGN game downloads sit at the 30 million mark, with the company having previously raised around $18 million in funding, most recently $2 million in June 2010 from backers such as former Google CEO Eric Schmidt's investment outfit Tomorrow Ventures.

[source: VentureBeat]

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