Russian Social Game Publisher i-Jet Selling 25% Of Company
i-Jet Media, a social games publisher and distributor in Russia and Eastern Europe, intends to sell 25 percent of itself in order to accelerate the company's growth and its expansion into new markets.
The publisher's portfolio includes some 70 games available in 30 social networks around the world, attracting over 60 million users. Its Happy Harvest game, also known as Happy Farmer, alone has gained 10 million users and generated $20 million in less than a year since its launch in Russia.
According to co-founder and general producer Alexey Kostarev, i-Jet's primary strength is its technological distribution platform, which is designed to install developers' games "on any social network almost at once". The firm says it's active in developing European and Asian markets, as well as mobile social games services.
i-Jet intends to call an investment round and negotiate with investment organizations either this month or next, operating under the assumption by unaffiliated investors that it is worth around $100 million. Kostarev believes that the best outcome would be for i-Jet to raise funds from both Russian and Western investors.
"The company is profitable at its current level of development," says Kostarev. "We cover all the operational expenditures ourselves and are not limited in the current progress in terms of resources."
The general producer adds, "At the same time, we are aware that we need additional investment to buy game developers on some local markets in Latin America, North America, and a few other countries. That is to ensure our global growth, and enter local markets much faster than if we decide to grow evolutionally."