Wemade founder sells 39.33% stake to NeoPulse for $593 million
Key takeaways
- Park Kwan-ho sells 39.33% stake for $593 million to NeoPulse.
- Transaction closes on October 30, 2023; NeoPulse gains 40.25% stake.
- Focus on expanding into global markets, especially China.
- Wemade aims to lead AI-driven game development and innovation.
Wemade founder Park Kwan-ho has agreed to sell his controlling 39.33% stake in the company to NeoPulse, a subsidiary of Shengsong Investment, for approximately 920 billion won ($593 million). This transaction is set to close on October 30, 2023, resulting in NeoPulse holding a 40.25% stake in Wemade.
Park emphasized the necessity of expanding beyond the Korean market, stating that the gaming industry has outgrown national borders. He articulated that entering larger markets is now essential for survival. "We’ve passed the era where we drew the future of our company in just the Korean market," Park said, underscoring the urgency of this strategic shift.
The investment from NeoPulse is motivated by Wemade's expertise in MMORPG development and the recognition of its Legend of Mir franchise in China. Following the acquisition, NeoPulse aims to develop new games for the global market, particularly targeting China through partnerships with leading IT companies and game developers.
Why it matters
Both companies envision a future where artificial intelligence plays a central role in game development. Park noted that AI is transforming not only how games are made but also how players engage with them, asserting that Wemade will lead industry innovation instead of merely following trends. "The market expectations for the completeness and quality of a game are higher than ever," he stated, highlighting the company's commitment to excellence in game development.
Original source
PocketGamer.biz
