Chinese browser and mobile game developer and publisher 37.com announced that its controlling subsidiary G-Mei Network will invest USD3.167 million to acquire a 10% stake in Archiact, a virtual reality gaming content provider in Canada.
G-Mei Network will use its own capital to subscribe 6,846,539 ordinary shares of Archiact, accounting for a 10% stake in Archiact after the completion of the investment. After the investment, G-Mei Network will assign one director to participate in the operation and management of Archiact.
This investment does not constitute a major asset restructuring. Therefore, it does not require approval of related authorities. At the same time, this transaction does not constitute a related party transaction; so the investment amount does not require approval of the board of directors.
Founded in 2013, Archiact has formed a research and development team of over 40 people. They developed many VR games, including Lamper VR: First Flight, Lamper VR: Firefly Rescue, and WaddleHome. In addition, the company signed contracts to exclusively publish more than a dozen games in China or Asia Pacific.
Prior to the investment, Archiact was valued at USD28.5 million.