[image credit : OMWhiz]
Online gaming company Kabam is now worth US$700m (€538.5m) based on a recent sale of $38.5m worth of current and former employee’s common stock.
The Wall Street Journal reports that the company confirmed none of the money raised will go to itself. Kevin Chou, Chief Executive Officer, said in a statement that the firm’s 700 staff should benefit from its growth.
Kabam enjoyed revenues of $180m last year, an increase of 70% on the previous year; a rise that was largely due to the success of social strategy game Kingdom Of Castle.
Kabam has been tipped to announce an initial public offering (IPO) this year but a company spokesman denied to comment on the speculation despite an earlier article that quoted Chou as saying he expects an IPO by the end of 2014.
The firm has been keen to reduce its reliance on social networks, steadily moving away from such websites. It announced in December that just 30% of its revenues now come from Facebook customers.