Facebook (Nasdaq: FB) acquired PlayGiga, a Madrid, Spain-based cloud gaming company.
The deal – confirmed via a tweet – reportedly amounted to approx. €70m. The acquisition presumably enables Facebook to continue its expansion in the cloud sport streaming market.
PlayGiga has developed a cloud gaming platform through hybrid virtualization and baremetal technology.
Cloud gaming refers to console quality games that are streamed to devices connected to the Internet. Streaming technology and servers allow games to be played on any device without the need to download software or own a high-end PC or console.
Before the transaction, the company offered its services across Italy, Argentina, Chile, and Spain and was aiming to launch in the Middle East soon. It had also run proof-of-concept tests in Sweden, Austria, the Netherlands and Guatemala.
PlayGiga also had licensing agreements for more than 300 game titles with such publishers as WB, Disney and Sega.
Last month, the social network giant acquired Beat Studios, the developer of Beat Saber.