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SEA Group, parent of well known eCommerce platform Shopee, is said to be considering the sale of Phoenix Labs, its developer based in Canada, according to reports on Bloomberg.
MARKETING-INTERACTIVE has reached out to SEA Group for a statement. According to reports on Reuters, SEA Group is amidst talks with an advisor on the potential divestment.
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Sea Group bought Phoenix Labs approximately three years ago through its digital entertainment arm Garena for a reported US$150 million. At the acquisition, SEA shared that the teams intend to work together to continue building Phoenix Labs’ world-class development team, supporting the growth of Dauntless and exploring new opportunities in global markets and on mobile. The transaction closed in recent days.
In addition to bolstering Garena’s in-house content creation capabilities, the partnership allows Phoenix Labs to tap into Garena’s global network and unique strengths in mobile games and community building. The companies will work together to continue adding new features to Dauntless and explore new growth opportunities in markets such as Asia and Latin America and on mobile. Phoenix Labs was founded in Vancouver in 2014 and has offices across Vancouver, San Francisco, Seattle and Washington.
Recently SEA Group chief Forrest Li said that the company has shifted its mindset and focus from growth to achieving self-sufficiency and profitability, without relying on any external funding. Under its eCommerce arm Shopee, the group has also shut many of its international offices with the most recent one being Poland.
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