- Sea’s digital entertainment arm to acquire 100% of leading
independent games studio and developer.
- Acquisition brings North America-based team of over 100
experienced AAA game developers into the Garena family.
- Both parties will build on Phoenix Labs’ world-class
development capabilities and explore new growth opportunities in
global markets and on mobile.
Sea Limited (NYSE: SE) (“Sea” or the “Company”), a leading
global consumer internet company, today announced that its digital
entertainment arm, Garena, has acquired Phoenix Labs, an acclaimed
independent games development company and the studio behind the
popular cross-platform co-op action RPG, Dauntless. The teams
intend to work together to continue building Phoenix Labs’
world-class development team, supporting the growth of Dauntless,
and exploring new opportunities in global markets and on mobile.
The transaction closed in recent days.
Jesse Houston, CEO and co-founder of Phoenix Labs, said, “Our
partners at Garena have been our most steadfast supporters since
the early days of Phoenix Labs, and we are excited to join forces
with a global games leader. With this next step, we’re able to
ensure that we can provide the best possible experience for
Dauntless players around the world. We’re extremely excited about
what the future holds for Phoenix Labs, as we continue to support
our ever-growing Dauntless community and explore future games.”
Forrest Li, Founder and Group Chief Executive Officer of Sea,
said, “We couldn’t be happier to welcome Phoenix Labs to the Garena
family. Over the last few years, we have watched Phoenix Labs
mature into one of the best development teams in the business and
launch a hugely exciting title in Dauntless. We also know that they
share our mission of making great games, creating the best teams,
and putting players first. Our skills sets are highly
complementary, and we see many exciting opportunities ahead that
our teams can explore together.”
Phoenix Labs was founded in Vancouver in 2014 by veteran game
executives with a track record of working on some of the world’s
best-known game franchises. It now has a team of more than 100
developers with decades of experience in building world-class AAA
games across its offices in Vancouver, Canada, San Francisco, and
Seattle, Washington. The studio launched its debut title Dauntless,
a cross-platform co-op action RPG, in 2019.
Headquartered in Singapore, Garena is a global leading games
developer and publisher. It had more than 320 million quarterly
active users in the third quarter of 2019. Its self-developed
title, Free Fire, is one of the world’s most popular mobile games
and was the most downloaded mobile game globally in 2019 according
to App Annie. Garena was one of Phoenix Labs’ earliest investors
and has supported the growth of the company and the development of
Dauntless over the last several years.
Following the acquisition, the existing management team at
Phoenix Labs will continue to run the studio. In addition to
bolstering Garena’s in-house content creation capabilities, the
partnership allows Phoenix Labs to tap into Garena’s global network
and unique strengths in mobile games and community building. The
companies will work together to continue adding new features to
Dauntless and explore new growth opportunities in markets such as
Asia and Latin America, and on mobile.
About Sea Sea Limited (NYSE: SE) is a leading global
consumer internet company founded in Singapore in 2009. Our mission
is to better the lives of consumers and small businesses with
technology. We operate three core businesses across digital
entertainment, e-commerce, and digital financial services, known as
Garena, Shopee, and SeaMoney, respectively. Garena is a leading
global online games developer and publisher. Shopee is the largest
pan-regional e-commerce platform in Southeast Asia and Taiwan.
SeaMoney is one of the fastest-growing digital financial services
platforms in Southeast Asia.
For more information, visit www.seagroup.com.
About Phoenix Labs Phoenix Labs is a game company based
in Vancouver, British Columbia with offices in San Mateo,
California and Seattle, Washington. The company was founded in 2014
to create games for its passionate community and evolve the way
great games are made and enjoyed. They aspire to create new AAA
gaming experiences that their community will share for years to
come. Their debut title, Dauntless, a co-op Action RPG, is
developed by a veteran team from BioWare, Riot Games, and other
acclaimed studios. For more information on Phoenix Labs and to view
open positions, please visit https://www.phoenixlabs.ca/.
Forward-looking Statements This announcement contains
forward-looking statements. These statements are made under the
“safe harbor” provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as “will,” “expects,” “anticipates,”
“future,” “intends,” “plans,” “believes,” “estimates,” “confident,”
“guidance,” and similar statements. Among other things, statements
that are not historical facts, including statements about Sea’s
beliefs and expectations, the business, financial and market
outlook, and projections from its management in this announcement,
as well as Sea’s strategic and operational plans, contain
forward-looking statements. Sea may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”), in its annual
report to shareholders, in press releases, and other written
materials, and in oral statements made by its officers, directors,
or employees to third parties. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Sea’s goals and strategies; its future business
development, financial condition, financial results, and results of
operations; the growth in, and market size of, the digital
entertainment, e-commerce and digital financial services industries
in the region, including segments within those industries; changes
in its revenue, costs or expenditures; its ability to continue to
source, develop and offer new and attractive online games and to
offer other engaging digital entertainment content; the growth of
its digital entertainment, e-commerce and digital financial
services businesses and platforms; the growth in its user base,
level of user engagement, and monetization; its ability to continue
to develop new technologies and/or upgrade its existing
technologies; growth and trends of its markets and competition in
its industries; government policies and regulations relating to its
industries; and general economic and business conditions in the
region. Further information regarding these and other risks is
included in Sea’s filings with the SEC. All information provided in
this press release and in the attachments is as of the date of this
press release, and Sea undertakes no obligation to update any
forward-looking statement, except as required under applicable
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200128005866/en/
For Garena/Sea: Investors / analysts: ir@seagroup.com
Media: media@seagroup.com
For Phoenix Labs: Andy Burt 925-212-6225
aburt@phxlabs.com
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