Korean mobile game publisher Gamevil has announced a new initiative to invest $10 million in partnerships with external developers to broaden its lineup, starting with the acquisition of Cartoon Wars
According to the company, the acquisition gives Gamevil the exclusive publishing and partial intellectual property rights to Ganawoo Choi's series of popular Cartoon Wars
mobile games, including the original, its sequel, and spin-off Cartoon Wars Gunner
The $10 million investment fund, which is internally-sourced, will be used for "various forms of partnerships with external developers" to strengthen both its catalog and its global reach.
"As the market expands with smartphones at its center, partnering with promising and exceptional external developers has become more important," said Gamevil CFO Yong Kuk Lee. "By working together with these creative developers and combining Gamevil's understanding of the global smartphone game market, we will carve out success and growth for everyone involved."
South Korea-based Gamevil, which publishes popular games that include Zenonia
and Air Penguin
, is coming off of a strong first quarter
that saw around $2.3 million in profits, with an operating profit ratio of more than 40 percent.