Com2us CEO Jiyoung Park

Korean mobile game maker Gamevil has acquired Com2uS. Gamevil announced on October 4 that it signed an agreement to acquire a 21.37-percent stake in Com2uS for 70 billion won. Under the terms of the deal, Gamevil will have the controlling stake in Com2uS.

Although Gamevil is the acquiring party in this transaction, it actually did less business than Com2uS last year. Gamevil reported full-year revenues of KRW 70.2 billion ($65.5 million), compared to Com2uS' full-year haul of KRW 76.9 billion ($71.8 million).

Gamevil is also the younger of the two companies, though both are among the oldest mobile publishers on the market. Gamevil was formed in 2000, while Com2uS was established in the summer of 1998. Gamevil's catalog features franchises like Baseball Superstars and Zenonia, and Com2uS is known for titles like Heroes War, Tiny Pop, and Tiny Farm.

Despite its Korean roots, Com2uS has a global footprint and should further Gamevil's international ambitions. Earlier this year, Gamevil detailed plans to invest $130 million in other companies and new projects, as well as local and international talent acquisitions.

The share price of Com2uS stood at 28,800 won on October 4 but the acquisition price was set at 32,470 won per share due to the controlling share premium.
Gamevil expects its acquisition of Com2uS to create a synergy effect particularly in overseas markets. A Gamevil official said, "The two companies each have engaged in mobile game business for more than ten years. By combining the strength of each company, we will challenge for the No. 1 spot in the global mobile game market."
According to mobile app market research firm App Annie, most of the mobile games that are included in the top-ten list on Google Play are the ones produced by large companies. Against this backdrop, Gamevil and Com2uS suffered a decline in their performance. There is a growing consensus that bigger is better for mobile companies to survive.