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US retailer GameSpot Corp has sold the San Francisco-based publisher and developer Kongregate Inc to the digital entertainment group MTG for $55 million.

Modern Times Group (MTG) has several media brands under their banner and recently acquired InnoGames. This new deal gives MTG a foothold in both the American and European gaming markets.

“This investment is in line with our strategy to invest in relevant, complementary and scalable digital content and communities," said MTG CEO and president, Jorgen Madsen Lindemann. "Online gaming is one of our three digital entertainment verticals, and we are establishing a presence in a gaming industry expected to be worth some USD 130 billion in 2020, of which mobile gaming is the fastest growing segment. We look forward to welcoming the high quality, hugely talented and well proven Kongregate team to MTG.”

"Our vision has always been to nurture the development of indie game developers and the consumer gaming community," said Kongregate co-founder and CEO, Emily Greer. "Our values are all about integrity, collaboration, and most of all, fun. MTG is not only a great partner as we continue to step up our expansion into new gaming platforms and channels, but the right partner because they share our values and commitment to empowering indie development teams to create unique and innovative gaming experiences for consumers across any and all game platforms.”

Kongregate started in 2006 as a browser-based gaming platform before publishing titles for Steam and mobile. The most recent success was AdVenture Capitalist, which has been installed by users over 20 million times since its 2015 release. The company also moved into development after acquiring San Diego studio Ultrabit, who recently made mobile game Office Space: Idle Profits, a tie-in to the cult movie Office Space. GameStop bought Kongregate in 2010 for an undisclosed sum.