News

Merger mania continues - Take Two acquires Illusion Software

Posted by: Chuck at 1/8/2008 11:13 AM
Take Two announced today that they've acquired Czech developer Illusion software.  The company will be renamed 2K Czech (those 2K folks are clever with the names).  You may know Illusion from such games as the original Mafia game, Hidden and Dangerous, and Vietcong.  It looks like their first project is going to be Mafia II

I'm a bit surprised by this as I still think Take Two is more of a take-over target than a buyer but the move does make sense.


Take-Two Interactive Software, Inc. Acquires Illusion Softworks



New York, NY – January 8, 2008 – Take-Two Interactive Software, Inc. (NASDAQ:TTWO) today announced the acquisition of Illusion Softworks, a premier Central European-based game development studio with operations in Brno and Prague, the Czech Republic. Illusion Softworks has approximately 200 employees and will join Take-Two’s 2K Games publishing label as its newest studio, 2K Czech.



Established in 1997, Illusion Softworks is the creator and owner of several hit video game franchises, including Mafia, Hidden & Dangerous and Vietcong. The studio is currently working with 2K Games on Mafia II, the sequel to the original Mafia, which helped establish the gangster genre and sold more than two million units.



“The acquisition of Illusion Softworks reflects our strategic focus on owning high-value intellectual property as we continue to expand our portfolio of triple-A titles,” said Ben Feder, Chief Executive Officer of Take-Two.



Christoph Hartmann, President of 2K, said, “Adding 2K Czech to our network of development studios demonstrates our strong commitment to creating great franchises and building world-class creative teams. The 2K Czech team is responsible for several very innovative and highly-regarded franchises and we look forward to continuing to develop new and existing IP together.”



“We have an excellent working relationship with 2K Games and the utmost respect for them,” said Petr Vochozka, CEO of 2K Czech. “We are pleased to become a 2K studio and are confident that this new partnership will strengthen our current and future projects.”



About Mafia II



Bred from enormous fan demand, Mafia II is the sequel to the classic free roaming action-crime game that mesmerized gamers around the world. Mafia II takes players on an unforgettable journey interacting with Empire City’s Mafia crime families from the early ‘50s. Intense gameplay and a script by Daniel Vavra, the scriptwriter of the original Mafia, provide the perfect synergy of action and award-winning storytelling. The title is being developed for the Xbox 360® video game and entertainment system from Microsoft, PLAYSTATION®3 computer entertainment system, and Games for Windows®.



About Take-Two Interactive Software



Headquartered in New York City, Take-Two Interactive Software, Inc. is a global developer, marketer, distributor and publisher of interactive entertainment software games for the PC, PLAYSTATION®3 and PlayStation®2 computer entertainment systems, PSP® (PlayStation®Portable) system, Xbox 360® and Xbox® video game and entertainment systems from Microsoft, Wii™, Nintendo GameCube™, Nintendo DS™ and Game Boy® Advance. The Company publishes and develops products through its wholly owned labels Rockstar Games, 2K Games, 2K Sports and 2K Play; and distributes software, hardware and accessories in North America through its Jack of All Games subsidiary. Take-Two's common stock is publicly traded on NASDAQ under the symbol TTWO. For more corporate and product information please visit our website at www.take2games.com.



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"PlayStation", "PLAYSTATION", and "PS" Family logo are registered trademarks of Sony Computer Entertainment Inc.



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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements contained herein which are not historical facts are considered forward-looking statements under federal securities laws. Such forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to them. The Company has no obligation to update such forward-looking statements. Actual results may vary significantly from these forward-looking statements based on a variety of factors. These risks and uncertainties include the matters relating to the Special Committee’s investigation of the Company’s stock option grants and the restatement of our consolidated financial statements. The investigation and conclusions of the Special Committee may result in claims and proceedings relating to such matters, including previously disclosed shareholder and derivative litigation and actions by the Securities and Exchange Commission and/or other governmental agencies and negative tax or other implications for the Company resulting from any accounting adjustments or other factors. Other important factors are described in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2007 in the section entitled “Risk Factors.”