Officials from Gizmondo Europe have announced that parent company Tiger Telematics has acquired Stockholm based developer Indie Studios. The developer will be put to work creating games exclusively for the Gizomondo portable console, with a particular emphasis on games that use the machine’s GPS and GPRS capabilities.
The deal will be paid for with 1 million shares common stock of Tiger Telematics and contingent shares to be issued in the event that certain games are completed by the developer in an agreed time frame. The guaranteed value of the transaction at closing approximates $8 million.
Source: Gizmondo Europe