HYDERABAD: AppLabs Technologies founder Sashi Reddi said FXLabs, an end-to-end game development company, too was acquired by US-based Foundation 9 Entertainment Studio for an undisclosed sum. Besides Reddi, FXLabs was partly owned by Suresh Production’s Spirit Media, an animation company.
“FXLabs has over 50 people and is doing well. We along with Spirit Media exited the company when got the right valuation,” Reddi told Express. Founded in September 2004, FXLabs started developing PC-based games both for the Indian market as well as the global market. As part of the deal, FXLabs will be renamed Griptonite India.
According to Reddi, FXLabs has the distinction of being the only game studio in India to develop a complete end-to-end game. Spirit Media picked up 35 per cent stake in FXLabs few years ago and also tied up to jointly work on developing games based on movies.
As part of the expansion strategy, FXLabs is likely to set up a new facility in the city to accommodate an increase in headcount and updated technology. Foundation 9 Entertainment, Inc specializes in creating franchise-based videogames through its studios. It provides handheld versions of games and action games based on movie and comic book franchises, games for various consoles, educational and value software, and emulation products.
