GREE and Yahoo Japan invest $2.2million in mobile games joint-venture

Yahoo Japan and GREE have announced the launch of a joint venture company which will bring social games to mobile. The companies are investing $2.2 million in the gaming venture named GxYz.

GREE will hold 51% of the stake in GxYz, with Yahoo owing the rest. GxYz will open for business on March 15th with Tomoyuki Isaka, ex-president of GREE Korea, as the CEO. The startip will make social mobile games on smartphone platforms, focusing solely on the Japanese market.

The announcement highlighted how the Joint Venture will build on the strengths of both companies ”Through the establishment of GxYz, the two companies aim to strengthen their smartphone social gaming business partnership, combining the user acquisition capabilities of Yahoo! JAPAN with the social gaming development and operational expertise of GREE, while developing exceptional social games that will open up new possibilities in the game development business”.