Shanghai and Singapore-based venture capital firm Gobi Partners and a consortium of angel investors have achieved a 60 per cent IRR from the sale of online games company CIB Development, in a deal that values the company at around SGD17.7m ($14m).
The firm’s Gobi Singapore Fund sold its 61.7 per cent stake in the Malaysia and Singapore-based business to Asiasoft, a Southeast Asian online gaming firm listed on the Stock Exchange of Thailand, for SGD11m ($8.7m) in cash.
Gobi invested into CIB in 2011 and assisted the company on trade sale opportunities in China as well as preparations for an IPO on the Malaysian ACE market.
“Gobi is celebrating its 10th year anniversary this year and first expanded to Southeast Asia in 2010 with the setup of the Singapore office,” KU Kay Mok, a partner at Gobi Singapore, said in a statement.
“We have been on the lookout for promising regional companies in Southeast Asia that can leverage on our prior experience in the Chinese IT and digital media sectors and found that in CIB.
“Gobi’s deep relationships with online game operators probably accelerated the move to take an interest in CIB’s valuable expertise and networks before others did.”
The acquisition will more than double Asiasoft’s existing Malaysian online game market share from 17 per cent to 43 per cent, and allow it to continue to strengthen its footprint in Southeast Asia. The management team at CIB will stay and run the combined Asiasoft – CIB operations in Malaysia.
Gobi Partners is headquartered (and holds an incubation centre in) Shanghai, with additional offices in Beijing, Hong Kong, and Tianjin, as well as an overseas office in Singapore.
Copyright © 2012 AltAssets