Philippines: Asiasoft practically owns Level Up! now
Haoson | On February 19, 2014 at 6:30 pm
Asiasoft Corporation Public Company Limited,more commonly known as Asiasoft Online reported that it will acquire 70% of the Philippine based company, Level Up! Inc. for a whopping $2.9 million last February 5, 2014.
The report, addressed to the Thailand Stock Exchange, states that Asiasoft Online is currently in the process of purchasing the majority of the stocks of Level Up!. The reason behind the purchase is that Level Up! Inc. has the expertise to handle the publishing of games in the Philippines and will support Asiasoft Online’s online game service in the country.
This comes as a surprise since Level Up! Inc. has recently gone through a merger with it’s major competitor, E-Games in February of 2012. The 70% acquisition of Asiasoft Online means that the Level Up! Games brand will switch hands once again and may spell trouble for the company’s current active titles. We have reached out to talk to an Asiasoft representative in the country, but so far they have yet to make any comments regarding this latest update.
This acquisition is the biggest move Asiasoft Online has done in the Philippines ever since they started operations in June 2013. The merger back then did not affect much of the operations of its titles. In fact, E-games’ titles have now became part of the tournament roster in Level Up!’s annual event, Level Up! Live.
So far, it is not yet clear as to what will happen to the company now that Asiasoft is on board. We’ll let you guys know more once the deal is finalized at the end of March this year.
If you’d like to know what’s happening with Level Up! aside from the acquisition:
Philippines: Level Up! Games Announces the beginning of it’s tournament season
Level Up! Games announces the beginning of their tournament season