German developer Fishlabs, best known for the Galaxy on Fireseries, has sold up to an unnamed party, co-founder Michael Schade has revealed to PocketGamer.biz.

The buyout, which is yet to be officially announced, will result in no job losses at this point, though both Schade and fellow co-founder Christian Lohr are to depart the firm as a result.

Indeed, Schade has informed us that it is an "asset deal", which means that, under German labour law, "all employees will be transferred to the buyer automatically."

"The entity Fishlabs Entertainment GmbH will be terminated," he added.

A matter of funds

The news comes as the firm's latest release, Galaxy on Fire – Alliances, has just hit the App Store following a 30,000 player-strong beta test.

Fishlabs indulged in a round of internal restructuring back in October, when 25 employees mainly from the marketing, art, and programming departments were let go in an attempt to lower the overall running costs of the company.

Indeed, back in October, Schade stressed to PocketGamer.biz the need for the company to raise more investment, despite its obvious success with Galaxy on Fire.

Galaxy on Fire - Alliances

"There have also been obstacles that slowed us down, such as the transition from premium to free-to-play and constantly keeping up with an ever-changing mobile market, which is dashing towards console quality at lightning speed," detailed Schade at the time.

"Ultimately, we were no longer able to deal with these challenges without the aid of a significant investment," he added, concluding that Fishlabs had been "talking to investors for some time now."

We're in contact with Fishlabs and will update when news of the company's buyer comes to light.