Glu Mobile snaps up game developers Griptonite and Blammo

Social mobile gaming developer Glu Mobile has acquired startups Griptonite Games and Blammo Games, moves the firm says will expand its freemium game development capabilities and studio capacity.

Glu Mobile acquired Griptonite Games, which makes Chimps Ahoy, Super Breakout Ultra and Missile Comman Ultra (pictured) for iOS.

Glu Mobile will issue 6.1 million shares of common stock to acquire Griptonite, which has developed dozens of titles across platforms including iOS, Xbox 360, Wii, DS and PSP. In addition, Glu will issue 1 million common stock shares to land Blammo, a member of its gPartners independent game developer program--Blammo is slated to issue the first of its gPartners titles in early 2012, and if it meets certain net revenue milestones during earnout periods stretching though March 2015, Glu will potentially issue up to 3,312,937 additional shares.

Glu Mobile offers social mobile titles supporting the iOS, Android, Palm and Windows Phone 7 operating systems. Glu on Tuesday reported second-quarter losses of $1.75 million, compared with a loss of $3.22 million for the year-ago period. Revenue was $17.68 million, up from $15.95 million.

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