Cave accelerates social smartphone business; signs strategic partnership with GREE
Gains $2.3 million investment too
It's just signed a deal with ambitious Japanese mobile company GREE to support its platform globally, both in terms of its current feature phone audience and the fast growing smartphone sector.
The deal sees the companies forming what they call "a capital and business alliance".
This will result in Cave allocating 1,178 new shares to GREE, which will pay it ¥176.5 million ($2.3 million).
Cave explains the deal saying social media games are now its "flagship operation", and it needs to "assertively invest" in the smarphone market at a faster pace and "form tight alliances with platform management companies".
In terms of the GREE deal, both companies will work closely together over collaborative game development for feature and smartphones.
Cave will also roll out its existing smartphone games such as Dodonpachi Resurrection to GREE's platform. During 2011, it plans to release a total of nine games on GREE.