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Friday, April 28, 2006
MacSoft's Parent Company Secures $12 million
12:03 PM | Tuncer Deniz | 11 comments

Destineer, the parent company of MacSoft, has announced that it has secured an equity investment of $12 million from private-equity firm The Exxel Group. Destineer plans to use the investment to help fund development of a group of un-announced games for videogame consoles and personal computers, as well as expand the company’s distribution and product development in Latin America.

“Exxel’s investment in Destineer is part of a trend that is changing how videogames get made,” according to Peter Tamte, Destineer’s founder and president. “Recently, we saw many big publishers shift their development funding to low-risk sequels and me-too knockoffs. Now, we’re seeing private equity firms step in to provide creative companies with funding to build truly innovative games.”

Paul Rinde, Destineer’s CEO, adds, “The venture capitalists of the videogame industry have traditionally been the large publishers, because they’re the ones who have funded most game development until now. But, this new trend of private-equity firms investing in the games industry gives creative companies like Destineer much more flexibility to make games the established publishers are less likely to create.”

Exxel’s investment is the second equity investment Destineer has secured outside the games industry during the past year. In mid-2005, Destineer also secured an investment from In-Q-Tel, a private venture capital firm funded by the U.S. Central Intelligence Agency.

Our friends at MacCentral have posted a related article with interview quotes from Peter Tamte. Here's a clip from the interview:
“The MacSoft business has been a pillar of our organization since we incorporated in 2001,” said Tamte. “It has provided us with stable and growing profits. And we’ve turned that cash into product development for our core technologies — that’s being used now to create games for a whole bunch of platforms, including simultaneous Mac releases.”

This doesn’t mean that MacSoft will stop porting high-profile Mac games, said Tamte, but he said that gamers will see a shift in Destineer’s portfolio from licensed titles to original titles. Tamte said that this is consistent with his vision of the company from the start.

Be sure to head over to MacCentral for the rest of the story.

MacCentral: Securing new funding, Destineer promises more Mac games

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