South Korea-based gaming company NCSOFT (KRX: 036570) has acquired a 67% stake in Singapore-based publisher Indygo Group for $103.9 million (KRW 153.4 billion). The deal values Indygo Group at approximately $155 million (KRW 229 billion) for the full company. Indygo is the parent company of Vietnam-based mobile developer Lihuhu, known for producing casual mobile games with global reach.
Indygo Group reported revenue of $81 million (KRW 120 billion) with operating profits of $20 million (KRW 30 billion). Approximately 80% of its revenue comes from North American and European markets. At the time of the acquisition, the company held a cash reserve of $13.5 million (KRW 20 billion), highlighting its stable financial position.
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Lihuhu: NCSOFT's New Hub for Casual Mobile Titles
Founded in 2017, Lihuhu has released over 100 mobile games, focusing primarily on casual titles. AppMagic data shows Lihuhu's top three grossing games have collectively generated $34.3 million in lifetime in-app purchase (IAP) revenue and amassed 82.4 million downloads. Match Triple 3D: Matching Tile, released in September 2020, generated $21 million in lifetime IAP revenue and reached 36 million downloads. Triple Find – Match Triple 3D, released in October 2022, earned $10 million in IAP revenue with 15 million downloads. Tile Triple 3D, launched in October 2020, reached $3 million in IAP revenue and 32 million downloads.
NCSOFT intends to leverage Lihuhu as its central hub for casual game development in Asia, signaling a strategic shift to diversify beyond its traditional MMORPG offerings. The company views casual mobile titles as a key growth driver for its global portfolio.
Springcomes Acquisition and Mobile Expansion
In addition to Indygo, NCSOFT plans to acquire South Korea-based mobile developer Springcomes. The studio generated $18.9 million (KRW 28 billion) in revenue in 2025 and surpassed 30 million cumulative downloads. AppMagic data shows that Springcomes has developed 71 mobile titles, including Merge Sweets, a June 2023 release with $5 million in IAP revenue and 4.7 million downloads, Hello Town: Merge & Story, released in December 2024 with $2.7 million in IAP revenue and 4.4 million downloads, and Jewels Temple Quest – Match 3, launched in August 2016 with $1.6 million in IAP revenue and 8.2 million downloads.
These acquisitions are part of NCSOFT's broader strategy to strengthen its presence in the casual mobile market. The company is also exploring partnerships with globally competitive studios and is in discussions to acquire a major mobile casual studio in Europe.
Strategic Shift Beyond MMORPGs
By acquiring Indygo and planning the Springcomes deal, NCSOFT is signaling a deliberate shift to expand its casual mobile offerings alongside its established MMORPG portfolio. These moves indicate a focus on building a global network of casual developers and publishers, reinforcing NCSOFT's commitment to diversifying revenue streams and expanding into new gaming segments.
Frequently Asked Questions (FAQs)
What is the value of NCSOFT's acquisition of Indygo Group?
NCSOFT acquired a 67% stake in Indygo Group for $103.9 million, valuing the company at approximately $155 million in total.
Who owns Lihuhu?
Lihuhu is a Vietnam-based mobile developer owned by Indygo Group, which is now majority-owned by NCSOFT.
What types of games does Lihuhu develop?
Lihuhu specializes in casual mobile games, particularly match-3 and puzzle titles, with over 100 releases to date.
What is NCSOFT's strategy with these acquisitions?
The acquisitions are intended to expand NCSOFT's presence in the casual mobile market and diversify revenue beyond its traditional MMORPG titles.
Is NCSOFT planning other acquisitions?
Yes, NCSOFT is in discussions to acquire a large mobile casual studio in Europe and is pursuing partnerships with competitive global studios.
How successful are Springcomes' games?
Springcomes has developed 71 mobile titles, with popular games generating millions in lifetime in-app purchase revenue and tens of millions of downloads globally.
