Lauder Partners investment Fund bought out OnLive, a pioneer of cloud gaming services.
According to OnLive’s press service, the company underwent a restructuring procedure and transferred the lion’s share of its assets to the Lauder Partners investment fund. At the same time, OnLive will continue to function in the same mode, the server operation will not be disrupted, all purchases and existing partner agreements will remain. In addition to Lauder Partners, OnLive’s investors include Maverick Capital, Time Warner and HTC.
Despite the fact that the new company (whose name has not yet been announced) owns only OnLive assets, the San Jose Mercury News notes that this form of transformation is one of the types of bankruptcy. In confirmation of this, the current reduction of half of the company’s staff.
The company itself assures that “the OnLive board of directors, faced with financial difficulties, decided that such a restructuring is the best choice for the company.” Investor Lauder Partners believes that OnLive is the “future of computer entertainment” and that the new company will help develop the service and increase sales.
Recall that this cloud service is supported by many platforms, including Windows, Mac OS X, Android and iOS. The largest game publishers cooperate with the company: Electronic Arts, Ubisoft, 2K Games, THQ and Warner Bros. Interactive Entertainment.