Glu Mobile Inc. (NASDAQ: GLUU) announced early on Wednesday that it is moving to acquire the community-driven app Poke Radar. For those curious, this is another App that is tied to the incredibly popular Pokémon Go mobile game.
Under the terms of the agreement, Glu will pay a total cash consideration of $500,000 for all assets associated with the app.
The Poke Radar app was built by a small team of Pokémon Go enthusiasts and relies on information submitted by its community of users. Its mission is to help players of this year’s most popular mobile game to “catch ‘em all.”
Having worked on the development of other apps with millions of downloads worldwide, the Poke Radar team will continue their innovative work as part of Glu.
Glu Mobile is known as a leading global developer and publisher of free-to-play games for smartphone and tablet devices.
Niccolo de Masi, Glu board chair and chief executive, commented:
I am thrilled to welcome such a talented team of developers to the Glu Mobile family. Poke Radar is a unique property which was built swiftly and in a nimble manner. I look forward to the significant contributions we expect this team to make at Glu.
Braydon Batungbacal, Poke Radar co-founder, added:
I and the rest of the Poke Radar team couldn’t be more excited about joining the Glu Mobile team. We built Poke Radar with a lean team from the ground up and are excited to see what the future brings with the support of such a respected publisher behind us.
Apart from Wednesday’s move, Glu Mobile has underperformed the broad markets, with the stock down about 7% year to date. Over the past 52 weeks, the stock is down 50%.
Shares of Glue Mobile closed Tuesday down 0.9% at $2.27, with a consensus analyst price target of $2.83 and a 52-week trading range of $1.98 to $4.96. Following the announcement, the stock was up about 7% at $2.43 in early trading indications Wednesday.
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