Monday, September 8, 2014

Tencent to invests $20 million in mobile game developer PATI

PATI Games, A Korean mobile game producer, announced it has successfully secured a US$19.7 million investment from Tencent, China’s largest Internet service provider. Tencent would invest the amount through the third-party allocation of new shares. With this capital infusion, Tencent became the second largest shareholder of the company with a 20% stake.

PATI Games underwent is in preparation for going public on the Kosdaq market last July and with the Tencent’s investment it is expected to step on to overseas mobile game markets earlier than expected.

Lee Dae-hyung, CEO of PATI, said, “I’m thrilled to have a new growth momentum with the Tencent’s investment amid a situation of ever-fierce mobile game competition. We expect the capital infusion will strengthen our mutual relationship.”

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