Friday, October 17, 2008
IRC-Galleria Sold to Sulake for 12,5 Million Euro (in HABBO paper)
October 1st 2008 Antti Vilpponen blogged about Sulake's aquisition of IRC Galleria, the only part of Sulake that makes any money http://www.arcticstartup.com/irc-gallerias-price-to-sulake-125-million-euro/
IRC-galleriaKauppalehti reports that according financial data published into the government files, the price Sulake paid for the acquisition of IRC-Galleria a while back is 12,5 million euros. The company behind IRC-Galleria is Dynamoid, where the Finnish serial entrepreneur Taneli Tikka has also gathered some experience. The price was 6,6 times their annual revenue which at that time was 1,89 million euros and 25 times their earnings of 500 000 euros.
But the key deal point here is that the price was paid in Sulake stock. Silly silly IRC guys! You should have taken the cash money not the HABBO paper.