Jagex sells majority stake to VC firm
Now 55 per cent owned by US company Insight Venture Partners
Runsescape developer Jagex is now 55 per cent owned by Insight Venture Partners, after the firm recently purchased another 20 per cent of the UK company.
Information filed at Companies House on December 23, and reported by The Times, shows that the venture capitalist firm has added to the 35 per cent stake it acquired in 2005, giving it control of the Cambridgeshire developer.
When contacted for comment Jagex refused to discuss the matter, saying it would not be releasing any official statement on the sale.
Insight Venture Partners is a VC firm that has a strong interest in online and software companies, with a portfolio that includes Twitter, Tumblr and Spacetime Studios. MD Jeff Horing and partner Alex Crisses both sit on the Jagex board.
The Times reports that Andrew Gower, co-founder of the develop, has sold his stake in the business to Insight. Gower is also CEO of Fen Research Ltd which is currently working on a new online game.
Jagex earned £45.3 million in the year ending March 2011, with £6.7 million in profits.
UPDATE: Source correctly attributed to The Times Online.
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