NEW YORK (Reuters) – Use Corp, the U.S. mobile marketing is backed by private equity firm KKR & Co., Inc., said on Thursday that it has invested in several gaming studios, as it will be added to the library of games is moving forward on a possible initial public offering.
Palo Alto, California, and on the basis of the Use being said, it has acquired a stake in the belarusian game studio, Belka, a, is the creator of the mobile puzzle game the Clockmaker.
Use is also disclosed investments in the PeopleFun, and Firecraft Studios, the latter of which has developed a mobile game Matchington Mansion that has been rated by more than 1 million times on the Google Play Store.
“In order to get to the next level, then this is the game studios that need the strategic expertise and capital, we are able to offer,” Use Chief Executive Adam Foroughi said in an interview.
Use was started in 2012 as a platform for developers to make their apps as well. In 2018, it Use began in the media department, Leo, tv set, in order to work with the development and publishing of mobile apps.
These deals are the first out of the studio’s Use it has to be invested in.
The Mobile gaming, it consists of smartphones and tablets, has grown to become the largest segment of the gaming, estimated to be $68.5 billion in revenue by 2019, according to a new report from market research firm Newzoo.
PROGRESS on last year’s acquisition of a controlling interest in a Use for a $400 million, and the valuation of the company at $2 billion.
The company’s projected revenue for the year is 2019, and more than $1 billion.
“Use is the diversification of its activities and broadening its market opportunity in mobile gaming and we are excited to be working with them on the implementation of the long-term growth strategy,” said Herald Chen, KKR’s head of technology, media and telecommunications sector.
CEO Foroughi declined to outline a timeline for a potential initial public OFFERING.
“In general, we have focused only on the performance and growth. We are a fast growing sales and earnings rapidly. We are profitable,” he said.
Reporting by Joshua Franklin in New York; Editing by Lisa Shumaker