Glu Mobile has acquired Reykjavik-based QuizUpdeveloper Plain Vanilla in a deal worth $8.7 million.
The Kim Kardashian: Hollywood developer paid $1.2 million in cash and forgave $7.5M in convertible promissory notes. As a result, QuizUp will be re-released on mobile under Glu's name.
Glu CEO Nick Earl will also join Plain Vanilla's board as its ninth member as part of the deal. Earl was appointed CEO in November 2016.
Cashing in
The developer invested $7.5 million in Plain Vanilla back in January 2016 with plans to develop a TV show based on the game.
The deal also included an option for Glu to acquire the company at a pre-agreed price over the first 15 months of the partnership.
"If our partnership proves out and QuizUp revenues scale, Glu will evaluate whether to exercise its call option to acquire the business," said former CEO Niccolo de Masi at the time.
[Source: Seeking Alpha]
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