NEWS - Wednesday, May 22, 2002
Activision And THQ Expand
Activision Buys Z-Axis; THQ Buys ValuSoft SANTA MONICA, Calif. -- Activision Inc. acquired closely held Z-Axis Ltd., the developer of the Dave Mirra extreme-sports games, for $20.5 million in cash and stock. Activision said the acquisition bolsters its position in the action sports genre. The is its fourth acquisition in seven months, following the earlier purchases of Treyarch, Grey Matter Interactive and Shaba Games. As part of the deal, the Z-Axis management team and key employees have signed long-term employment contracts with Activision. Activision said it doesn't expect the transaction to affect its previously announced revenue and earnings guidance. Up to 93,446 additional shares of Activision common stock also may be issued to Z-Axis's equity holders over the course of several years, depending on the satisfaction of certain criteria. Z-Axis, of Hayward, Calif. , is currently developing Dave Mirra Freestyle BMX 3 and Aggressive Inline. The company's previous games include Dave Mirra Freestyle BMX 2 and Dave Mirra Freestyle BMX: Maximum Remix. Separately, THQ Inc. , Calabasas Hills, Calif. , agreed to purchase substantially all of the assets of ValuSoft Inc., a publisher and distributor of value-priced interactive entertainment and productivity software. ValuSoft's catalog primarily consists of family entertainment, war games and home productivity products priced between $10 and $20. Thanks To Gula From The Forums For The Heads Up!Source: http://www.activision.com/
