Gaming company Krafton acquires Japan's Tango Gameworks

Seoul, Aug 12
Krafton, a South Korean gaming firm, said on Monday it has acquired Tokyo-based game studio Tango Gameworks for an undisclosed sum.

Krafton said it will absorb Tango Gameworks' developers and the rights to its acclaimed rhythm action combat game Hi-Fi RUSH, according to the Korean company, reports Yonhap news agency.

"This integration reinforces Krafton's dedication to expanding its global footprint and enhancing its portfolio with innovative and high-quality content," the company said in a statement.

Founded in 2010, Tango Gameworks developed a series of hit titles, including Hi-Fi RUSH, and the survival horror game series The Evil Within.

Microsoft, which owns Xbox Game Studios, acquired the Japanese company in 2021 but decided to shut it down in May.

Tango also developed action-adventure game Ghostwire: Tokyo and rhythm-based action game Hi-Fi Rush.

Tango's parent company ZeniMax Media was acquired by Microsoft for $7.5 billion in March 2021, making Tango the first Japanese studio in Microsoft Gaming's development portfolio. Microsoft later closed the studio.

Through the acquisition, Tango became the Xbox-maker's first development studio based in Japan.

Meanwhile, BGMI developer Krafton India in May announced the expansion of the first cohort of their gaming incubator programme (KIGI). The company selected two game developers as part of the first cohort.

The gaming company launched the initiative in October last year with an aim to offer a unique opportunity for talented Indian game developers to receive mentorship, resources, and support to transform their ideas into successful gaming ventures.

The programme offers significant financial support to cover early development costs, allowing teams to focus on creating and refining their games.

This financial support ranges from $50,000 to $150,000, with potential adjustments based on specific project requirements. Exceptional teams may receive up to $250,000 in support, the company said.