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March 20, 2012 05:06 am GMT
6waves Lolapps, the social gaming company that was formed out of a merger just half a year ago, shed most of its employees on the development side today to focus on publishing other studios' titles.The decision today seems to undo some of what that merger agreement created last July and we hear it had to do with a limited runway of cash. Last summer, social gaming company Lolapps merged with game publisher 6waves to form a new entity that was a dual producer and publisher. They then raised funding from Korean gaming giant Nexon and Insight Venture Partners. The amount they raised was undisclosed, but an SEC filing showed a $35 million round.The company insists, however, that the merger is still in place and Lolapps is not being spun out. They didn't disclose how many people were laid off."6waves Lolapps will now focus on working with independent developers to launch and grow their mobile and social games," said chief executive Rex Ng in a statement. "As a result, we have restructured the company to focus on key functions which include developer outreach, product advisory, user growth initiatives and our publishing platform."
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/-Z8x074aMgM/
6waves Lolapps Sheds Most Of Its Development Team To Focus on Publishing Games
6waves Lolapps, the social gaming company that was formed out of a merger just half a year ago, shed most of its employees on the development side today to focus on publishing other studios' titles.The decision today seems to undo some of what that merger agreement created last July and we hear it had to do with a limited runway of cash. Last summer, social gaming company Lolapps merged with game publisher 6waves to form a new entity that was a dual producer and publisher. They then raised funding from Korean gaming giant Nexon and Insight Venture Partners. The amount they raised was undisclosed, but an SEC filing showed a $35 million round.The company insists, however, that the merger is still in place and Lolapps is not being spun out. They didn't disclose how many people were laid off."6waves Lolapps will now focus on working with independent developers to launch and grow their mobile and social games," said chief executive Rex Ng in a statement. "As a result, we have restructured the company to focus on key functions which include developer outreach, product advisory, user growth initiatives and our publishing platform."Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/-Z8x074aMgM/
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