08 May YuuZoo acquires leading Southeast Asian online game provider IAHGames in stock and cash deal
Singapore, 8th May 2013 – Singapore-based YuuZoo Corporation, one of the world’s leading targeted e-commerce networks, today announced it had signed a binding agreement to acquire 100% of the shares in Singapore-based IAHGames, a leading online game provider in SouthEast Asia, in a combined stock and cash deal.
The acquisition follows hot on the heels of the recent announcement that YuuZoo has signed an S$582 million RTO agreement with Contel Corporation Limited, a company listed on the Mainboard of the Singapore stock exchange.
“Gaming and social networking are two of the fastest growing areas in the online and mobile space. We have recently built a complete online and mobile social network for IAH’s 35 million users. During that process we have learnt to know the company and its staff as an exceptionally knowledgeable, hard-working and forward-looking team that is very well versed in our space.
The CEO and founder of IAHGames, Roland Ong, is Singapore’s premier entrepreneur in online games with a very strong track record. He brings with him tremendous knowhow, experience and contacts not only in the online space in general but specifically in markets which are of great importance to our future growth including China”, says the Chairman & CEO of YuuZoo, Thomas Zilliacus.
“YuuZoo’s targeted social e-commerce networks are at the absolute forefront of technology and innovation. We are excited at this opportunity to be part of YuuZoo as it makes IAHGames the first gaming company with fully integrated social and community networking capability thus enhancing our customers gaming experience”, says the CEO and founder of IAHGames Roland Ong.
“Thomas Zilliacus is a world-renowned visionary and investor in the mobile and online space, who after building Nokia’s success in Asia chose to make Singapore his global base. I am very excited about the possibility to work and grow together with him and his outstanding team”, continues Roland Ong.
“Combining the forces of the two leading home-grown online and mobile networking and e-commerce companies in Singapore, and having the combined entity listed on the Singapore stock exchange in the near future, will enable us to continue to grow globally, through organic growth as well as additional acquisitions”, concludes Thomas Zilliacus.