DeClout acquires web and mobile portal developer Playworks for US$1 million

SINGAPORE (Dec 5): DeClout says Epicsoft Asia, a joint venture company between Corous360 (C360), a subsidiary of DeClout, and JV partner Choo See Wee, has acquired the entire issued and paid-up share capital of Playworks from Choo for a cash consideration of US$1 million ($1.3 million).

Incorporated in Singapore in 2002, Playworks is a web and mobile portal development and marketing services provider focused on the technology and gaming industries.

Following the acquisition, Playworks has become a wholly owned subsidiary of Epicsoft. C360 and Choo holds a 51% and 49% shareholding interest in Epicsoft, respectively.

As at Oct 13 2014, the net tangible asset value of Playworks is $273,000. No independent valuation was conducted on Playworks.

DeClout believes that the acquisition will improve the future financial performance of the group’s vertical domain Clouds business segment; enable C360 and Epicsoft to accelerate the development of its mobile and online games distribution platform targeted at premium users; and enhance C360’s and Epicsoft’s consumer marketing capabilities and optimize the user experience on all relevant platforms operated by the C360 group.

The acquisition will be funded using internal resources.

DeClout closed flat at 23 cents yesterday.

PC Lee (5 December, 2014)

DeClout acquires web and mobile portal developer Playworks for US$1 million. Retrieved from https://www.theedgesingapore.com