Glu Mobile said Chinese internet giant Tencent has completed the second phase of its “strategic investment” in the company, following a partnership announced in April 2015.
Tencent now owns around 15 per cent of the smartphone and tablet games company.
Previously, Glu said the transaction, which has bolstered its cash balance, “affords us the financial flexibility to execute on our long-term strategy”.
Steven Ma, SVP and head of Tencent’s Interactive Entertainment Group, will join Glu’s board of directors.
“We are excited to officially complete the strategic investment from Tencent and look forward to working together with a fantastic partner that believes in our strategy and shares our vision,” said Niccolo de Masi, chairman and CEO of Glu.
Glu reported a strong start to the first quarter of 2015, driven by titles such as Kim Kardashian: Hollywood, Racing Rivals, Deer Hunter 2014 and Contract Killer:Sniper. It has also signed a deal with Britney Spears, which will see a game launched early next year.
“Our confidence in the increased 2015 guidance is driven by the strong lineup of titles including Terminator, Cooking Dash, Deer Hunter 2016, James Bond: 007 and Katy Perry. Glu benefits from the combination of our diversified portfolio along with improving annuity characteristics in our franchises,” de Masi said.
Glu has been in existence in its current form for 10 years, when US developer and publisher Sorrent rebranded following its acquisition of European studio Macrospace.
In the year to 31 December 2014, it had revenue of $241.8 million. It is forecasting 2015 revenue between $262 million and $287 million.