Thailand’s True Corporation has teamed up with Toronto-listed Axion Ventures to set up a joint venture firm, aiming to lead game development in Southeast Asia. True Axion Games, the new Join Venture firm, has registered capital of $5 million. True Group holds 40 per cent through its wholly-owned subsidiary True Incube and Axion Ventures owns the remaining 60 per cent. True Axion Games has set the goal of becoming the best game developer in Southeast Asia and a key driving force of the Thai economy for the foreseeable future, said Suphachai Chearavanont, chairman of True Group’s executive committee.
True Axion Games has set the goal of becoming the best game developer in Southeast Asia and a key driving force of the Thai economy for the foreseeable future, said Suphachai Chearavanont, chairman of True Group’s executive committee.
“We are building significant business value that benefits True Group ourselves, the local game industry, the education sector, the start-up ecosystem and eventually the overall Thai economy,” he said in the inauguration of the new company. They also plan to set up a game academy to produce and develop around 400 manpower each year to serve the increasing industry demand. The academy is scheduled to operate in the third quarter this year. “We are here to make what we call a ‘great developer’, a studio capable of making a $1 billion per year,” said Todd Bonner, chairman and chief executive of Axion Ventures.
“This can only be done through years of dedication and investment in Thai people with the support of the Thai government.” He cited that the joint venture with True Corporation will press Axion’s cost advantage over Western and Japanese studios even further. “Our next leap forward is Southeast Asia, Thailand in particular,” he added. Prior to this new joint venture, True Incube has invested in 20 million common shares of Axion Ventures, equivalent to 8.84 per cent, for 10 million Canadian dollars in December last year.
Axion Ventures, formerly known as Capstream Ventures, also holds interests in Axion Games Limited, a Shanghai-based online video games development and publishing company. Axion signed a major game publishing deal with the world’s largest video-game company Tencent in 2015 for its latest title, Rising Fire, expected to generate the revenue of over $400 million a year.
Source and first seen at: Dealstreetasia
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