Alibaba Invests $120 in Kabam,Valued at $1 Billion

kabam-logoKabam, the mobile gaming company, has announced that Alibaba has agreed to invest $120 million in it.

According to the Wall Street Journal, this will mean a valuation of $1 billion for Kabam. A statement from Kevin Chou, CEO of Kabam reads:

“Truly successful games companies have to be globally successful. This strategic collaboration with Alibaba provides Kabam the resources, infrastructure and distribution to help bring our current and future durable franchise games to China and elsewhere in Asia and make an immediate impact.”

The news was broken by Kabam at the ChinaJoy Shanghai Expo which is visited by more than 180,000 people.

The mobile games from Kabam will be published on the mobile apps of Alibaba. Kabam’s success has been very significant in the Asian markets already. “Kingdoms of Camelot: Battle for the North” and “The Hobbit: Kingdoms of Middle-Earth”, both games that generated more than $100 million revenue were developed in Beijing office of Kabam.

It was also reported earlier that Alibaba was thinking of investing in SnapChat at a valuation of $10 billion but some sources have now said that the deal is unlikely to mature.

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