JetSynthesys Pvt Ltd, part of diversified JetLine Group of Companies, has acquired Pune-based mobile applications and gaming company Xerces Technologies, for an undisclosed amount.
The acquisition will help JetSynthesys, which counts Infosys co-founder Kris Gopalakrishnan as vice chairman and investor, in strengthening its mobile gaming portfolio.
"JetSynthesys & Xerces are both believers and understand that there is a wide opportunity available for the growth of mobile gaming in India. Xerces brings to JetSynthesys a strong team that understands the complexities of delivering world class commercially successful products," Rajan Navani, Vice Chairman, Managing Director and CEO, JetSynthesys, said in a press statement.
The 10-year old Xerces has developed leading gaming titles such as Cricket Unlimited, StickMan fighter, Bull Fighter, Mad Car Racing and the movie-based game Bang Bang.
On the other hand, JetSynthesys was established earlier this year. It currently operates six business divisions, MereeDhun (music), PlayIzzOn (gaming), Wakau (celebrity video blogging), DigiAdz (digital advertising), DataLytiX (big data analytics) and the Digital Technology Innovation Factory (DTIF), the press statement said.
Navani is also the managing director of the Indian arm of the Jetline Group, a diversified conglomerate with interests in packaging manufacturing, entertainment, software development, consumer products and organised retail in India. Prior to this, Navani worked with NASA's Goddard Space Flight Centre in Maryland (the US) before returning to Thailand and then to India to enter the family business.
"Through this acquisition, JetSynthesys will strengthen our already robust digital gaming portfolio, PlayIzzOn, to become a larger player in the gaming space focused on building gaming experiences for the global market including celebrity games and enabling games to monetise effectively in India," Navani said.
According to a recent NASSCOM-IGDA study, revenue from casual gaming in India will quadruple by 2015 to $244 million. Last year, about 40 games were released across platforms. The Indian gaming industry is close to $890 million and there are about 100-odd game developing firms in the country. JetSynthesys competes with the likes of Nazara Technologies, Reliance Games and others.
During a professional career spanning over three decades, Gopalakrishnan served as Vice Chairman of Infosys from 2011 to 2014. He was CEO and Managing Director of Infosys from 2007 to 2011 in a period when the Bengaluru-based IT major's revenues rose from $4 billion to $7 billion.