Perfect World, a leading online game developer and operator based in China, and Atari announced today that they have entered into an agreement where Perfect World would acquire 100% equity interest in Cryptic Studios, the California-based MMO game developer who started the development of City of Heroes & City of Villains, and have also put out the (recently) free-to-play Champions Online, and Star Trek Online. Under the purchase agreement, Perfect World will pay a purchase price of approximately 35 million Euros in cash.
“We are very pleased to sign the agreement to acquire Cryptic Studios,” commented Mr. Michael Chi, Chairman and Chief Executive Officer of Perfect World. “This strategic acquisition will add attractive game titles to our portfolio, which will help us further penetrate into the U.S. and global online game markets. More importantly, Cryptic Studios’ highly reputable development team and its technology platform will further strengthen our well-established R&D capabilities. We deem this as another noteworthy achievement of our global expansion efforts.”
“With the acquisition by Perfect World, Cryptic has found a strong platform for continued expansion into free to play business model and growth in the global marketplace,” said Jim Wilson, CEO of Atari.
Atari had previously announced that it was divesting of its interest in the studio, calling Cryptic Studios a “discontinued operation”. Cryptic had been part of Atari since a 2008 acquisition, after an agreement to produce an MMO based off the Marvel universe had fallen through for Cryptic.
A part time gaming journalist and radio practitioner, and one of the first editors here at Default Prime, Mike has been gaming since birth, starting back with the Atari 2600 and Commodore 64, on through to the PS3, PC, and whatever comes next. He is educated in communications and is a project manager by trade.
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