Online gaming software company CryptoLogic Ltd. said Wednesday it has taken a minority share in South Korean personal computer game developer Mobilebus Inc.
CyptoLogic will have representation on the Mobilebus board and has the option of increasing its ownership to a majority stake.
The deal is expected to close within 30 days.
The companies said the deal will allow them to develop new ways to deliver games in the South Korean market. They expect to offer both Korean and U.S.-style gambling games.
Sales for Dublin, Ireland-based CyptoLogic fell to $73.7 million in 2007 from $104 million in 2006. It has sought to increase its Asian revenue after what it called the "significant industrywide impact of the U.S. prohibition of Internet gaming in October 2006."
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